Mighty Company purchased a $60$ percent interest in Lowly Company on January $1,2023,$ for $$544,200$ in cash. Lowly's book value at that date was reported as $$775,000,$ and the fair value of the noncontrolling interest was assessed at $$362,800.$ Any excess acquisition$-$date fair value over Lowly's book value is assigned to trademarks to be amortized over $20$ years. Subsequently, on January $1,2024,$ Lowly acquired a $20$ percent interest in Mighty. The price of $$346,000$ 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 $$1,017,000,$ a figure that rises to $$1,061,500($common stock of $$300,000$ and retained earnings of $$761,500)$ by year$-$end. Mighty's book value was $$1\mathrm{.}73$ million at the beginning of $2024$ and $$1\mathrm{.}83$ million $($common stock of $$1$ million and retained earnings of $$830,000)$ 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:

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

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

$(1)$ Prepare entry ${?}^{**}C$ to convert parent company figures to

equity method.

$2$ Prepare entry $S1$ to eliminate stockholders' equity

accounts of subsidiary.

$3$ Prepare Entry S$2$ to reclassify the cost of the parent

shares as treasury stock.

$4$ Prepare entry A to recognize allocations attributed to

specific accounts at acquisition date for $2024.$

$5$ Prepare Entry E to record trademarks amortization

expense for $2024.$