Mighty Company purchased a 60 percent interest in Lowly Company on January 1, 2017, for $479,100 in cash. Lowly's book value at that date was reported as $682,500 and the fair value of the noncontrolling interest was assessed at $319,400. 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, 2018, Lowly acquired a 20 percent interest in Mighty. The price of $294,000 was equivalent to 20 percent of Mighty's book and fair value. Neither company has paid dividends since these acquisitions occurred. On January 1, 2018, Lowly's book value was $901,500, a gure that rises to $945,250 (common stock of $300,000 and retained earnings of $645,250) by year-end. Mighty's book value was $1.47 million at the beginning of 2018 and $1.57 million (common stock of $1 million and retained earnings of$570,000) at December 31, 2018. 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. 3. Prepare worksheet entries which are required to consolidate these two companies for 2018'? b. What is the net income attributable to the noncontrolling interest for this year? 9 Answer Is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare worksheet entries which are required to consolidate these two companies for 2018? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction Accounts Debit Credit 1 1 Investment in Lowly 127,920 Retained earnings (Mighty) 127,920 2 2 Common stock (Lowly) 300,000 Retained earnings (Lowly) 645,250 X Investment in Lowly 567, 150 X Noncontrolling interest in Lowly 378,100 X 3 3 Treasury stock 294,000 Investment in Mighty 294,000 4 4 Trademarks 66, 120 X Investment in Lowly 66,120 5 5 Amortization expense 3,480 X Trademarks 3,480 X b. What is the net income attributable to the noncontrolling interest for this year? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B What is the net income attributable to the noncontrolling interest for this year? Net income attributable to the noncontrolling interest