Mighty Company purchased a $60$ percent interest in Lowly Company on January $1,2023,$ for $$420,000$ in cash. Lowly's book value at that date was reported as $$600,000,$ and the fair value of the noncontrolling interest was assessed at $$280,000.$ Any excess acquisition$-$date fair value over Lowly's book value is assigned to trademarks to be amortized over $20$ years. Subsequently, on January $1,2024,$ Lowly acquired a $20$ percent interest in Mighty. The price of $$240,000$ was equivalent to $20$ percent of Mighty's book and fair value.

Neither company has paid dividends since these acquisitions occurred. On January $1,2024,$ Lowly's book value was $$800,000,$ a figure that rises to $$840,000($common stock of $$300,000$ and retained earnings of $$540,000)$ by year$-$end. Mighty's book value was $$1\mathrm{.}7$ million at the beginning of $2024$ and $$1\mathrm{.}8$ million $($common stock of $$1$ million and retained earnings of $$800,000)$ at December $31,2024.$ No intra$-$entity transactions have occurred, and no additional stock has been sold. Each company applies the initial value method in accounting for the individual investments.

Required:

a$.$ Prepare worksheet entries which are required to consolidate these two companies for $2024.$

b$.$ What is the net income attributable to the noncontrolling interest for this year?

Complete this question by entering your answers in the tabs below.

Required A

Prepare worksheet entries which are required to consolidate these two companies for $2024.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in dollars, not in millions.

Consolidation Worksheet Entries

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Prepare entry $**C$ to convert parent company figures to equity method.

Note: Enter debits before credits,