On January 1, 2016, Telconnect acquires 70 percent of Bandmor for $490,000 cash. The remaining 30 percent of Bandmor's shares continued to trade at a total value of $210,000. The new subsidiary reported common stock of $300,000 on that date, with retained earnings of $180,000. A patent was undervalued in the company's financial records by $30,000. This patent had a five-year remaining life. Goodwill of $190,000 was recognized and allocated proportionately to the controlling and noncontrolling interests. Bandmor earns net income and declares cash dividends as follows: Year 2016 2017 2018 Net Income $ 75,000 96,000 110,000 Dividends $ 39,000 44,000 60,000 On December 31, 2018, Telconnect owes $22,000 to Bandmor. a. If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2018? b. If Telconnect has applied the initial value method, what Entry *C is needed for a 2018 consolidation? c. If Telconnect has applied the partial equity method, what Entry *C is needed for a 2018 consolidation? d. What noncontrolling interest balances will appear in consolidated financial statements for 2018? Complete this question by entering your answers in the tabs below. Req A to C Reg D a. If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2018? b. If Telconnect has applied the initial value method, what Entry *C is needed for a 2018 consolidation? C. If Telconnect has applied the partial equity method, what Entry *C is needed for a 2018 consolidation? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less Req A to C Reg D a. If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2018? b. If Telconnect has applied the initial value method, what Entry *C is needed for a 2018 consolidation? C. If Telconnect has applied the partial equity method, what Entry *C is needed for a 2018 consolidation? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less view transaction list Consolidation Worksheet Entries 1 2 3 4 5 6 7 8 Prepare Entry S to to eliminate the stockholders' equity accounts of the subsidiary and to recognize outside ownership. Note: Enter debits before credits. Event Accounts Debit Credit 1 Record entry Clear entry view general journal Req A to C ReqD> Complete this question by entering your answers in the tabs below. Req A to C Reg D What noncontrolling interest balances will appear in consolidated financial statements for 2018? Noncontrolling interest in consolidated net income-2018 Noncontrolling interest in Bandmor 12/31/18