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On January 1, 2020, Doone Corporation acquired 70 percent of the outstanding voting stock of Rockne Company for $672,000 consideration. At the acquisition date, the

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On January 1, 2020, Doone Corporation acquired 70 percent of the outstanding voting stock of Rockne Company for $672,000 consideration. At the acquisition date, the fair value of the 30 percent noncontrolling interest was $288,000, and Rockne's assets and llabilities had a collective net fair value of $960,000. Doone uses the equity method in its internal records to account for its investment In Rockne. Rockne reports net income of $370,000 in 2021. Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $430,000 in 2020 and $530,000 in 2021 . Approximately 40 percent of the a. What is the noncontrolling interest's share of Rockne's 2021 income? b. Prepare Doone's 2021 consolidation entries required by the intra -entity inventory transfers. Complete this question by entering your answers in the tabs below. What is the noncontrolling interest's share of Rockne's 2021 income

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