Mighty Company purchased a 60 percent interest in Lowly Company on January 1, 2017, for $545,400 in cash. Lowly's book value at that date was reported as $770,000 and the fair value of the noncontrolling interest was assessed at $363,600. 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 $338,000 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 $1,035,000, a figure that rises to $1,082,750 (common stock of $300,000 and retained earnings of $782,750) by year-end. Mighty's book value was $169 million at the beginning of 2018 and $179 million (common stock of $1 million and retained earnings of $790,000) 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. a. 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? eBook Print Complete this question by entering your answers in the tabs below. References Required A Required B What is the net income attributable to the noncontrolling interest for this year? Net income attributable to the noncontrolling interest