On January $1,2023,$ Doone Corporation acquired $80$ percent of the outstanding voting stock of Rockne Company for $$784,000$ consideration. At the acquisition date, the fair value of the $20$ percent noncontrolling interest was $$196,000,$ and Rockne's assets and Ilabilities had a collective net fair value of $$980,000.$ Doone uses the equity method in its internal records to account for its Investment In Rockne. Rockne reports net Income of $$380,000$ in $2024.$ Since belng acqulred, Rockne has regularly supplied Inventory to Doone at $25$ percent more than cost. Sales to Doone amounted to $$440,000$ in $2023$ and $$540,000$ in $2024.$ Approximately $30$ percent of the Inventory purchased during any one year is not used until the following year.

Required:

a$.$ What is the noncontrolling interest's share of Rockne's $2024$ Income?

b$.$ Prepare Doone's $2024$ consolldation entries required by the Intra$-$entity Inventory transfers.

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

Prepare Doone's $2024$ consolidation entries required by the intra$-$entity inventory transfers.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account fleld.

Consolidation Worksheet Entries

$3$

Prepare entry $*$ G

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$Accounts,,Debit,Gredit$],[G,$Retained earnings,$7,0,x$