Phone Corporation owns 80 percent of Smart Company's common stock, acquired at underlying book value on January 1, 20X4. At the acquisition date, the book values and fair values of Smart's assets and babilities were equat, and the fair value of the noncontrolling interest was equal to 20 percent of the total book value of Smart. The income statements for Phone and 5 mart for 204 include the following amounts Phone uses the cost method in accounting for its ownership of Smart Smart poid dividends of $10,000 in 204 Required: a. What amount would Phone report in its income statement as income from its investment in Smart if Phone used equity.method. accounting? b. What amount of iricome should be assigned to noncontrolling inferest in the consolidated income statement for 204 ? Phone uses the cost method in accounting for its ownership of Smart Smart paid dividends of $10,000 in 204. Required: a. What amount would Phone report in its income statement as income from its investment in Smart if Phone used equity-method accounting? b What amount of income should be assigned to noncontrolling interest in the consolidated income statement for 204 ? c. What amount should Phone report as consolidated net income for 204