On January 1, 2014, 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 Rocknes assets and liabilities 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 2015. Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $440,000 in 2014 and $540,000 in 2015. Approximately 30 percent of the inventory purchased during any one year is not used until the following year.

a. What is the noncontrolling interests share of Rocknes 2015 income?

b. Prepare Doones 2015 consolidation entries required by the intra-entity inventory transfers.