On January 1 , 2 0 2 3 , Doone Corporation acquired 7 0 percent of the outstanding voting stock of Rockne Company for $ 3 7 8 , 0 0 0 consideration At the acquisition date, the fair value of the 3 0 percent noncontrolling interest was $ 1 6 2 , 0 0 0 , and Rockne's assets and liabilities had a collective net fair value of $ 5 4 0 , 0 0 0 Doone uses the equity method in its internal records to account for its investment in Rockne Rockne reports net income of $ 1 6 0 , 0 0 0 in 2 0 2 4 Since being acquired, Rockne has regularly supplied inventory to Doone at 2 5 percent more than cost Sales to Doone amounted to $ 2 2 0 , 0 0 0 in 2 0 2 3 and $ 3 2 0 , 0 0 0 in 2 0 2 4 Approximately 4 0 percent of the inventory purchased during any one year is not used until the following year Required What is the noncontrolling interest's share of Rockne's 2 0 2 4 income Prepare Doone's 2 0 2 4 consolidation entries required by the intra entity inventory transfers

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On January 1 , 2 0 2 3 , Doone Corporation acquired 7 0 percent of the outstanding voting stock of Rockne Company for $ 3 7 8 , 0 0 0 consideration  At the acquisition date, the fair value of the 3 0 percent noncontrolling interest was $ 1 6 2 , 0 0 0 , and Rockne's assets and liabilities had a collective net fair value of $ 5 4 0 , 0 0 0   Doone uses the equity method in its internal records to account for its investment in Rockne  Rockne reports net income of $ 1 6 0 , 0 0 0 in 2 0 2 4   Since being acquired, Rockne has regularly supplied inventory to Doone at 2 5 percent more than cost  Sales to Doone amounted to $ 2 2 0 , 0 0 0 in 2 0 2 3 and $ 3 2 0 , 0 0 0 in 2 0 2 4   Approximately 4 0 percent of the inventory purchased during any one year is not used until the following year  Required  What is the noncontrolling interest's share of Rockne's 2 0 2 4 income  Prepare Doone's 2 0 2 4 consolidation entries required by the intra   entity inventory transfers

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On January 1 , 2 0 2 3 , Doone Corporation acquired 7 0 percent of the outstanding voting stock of Rockne Company for $

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