Please assist, unsure of how to solve the attached problems

Problem 1 On January 1, 2016, Parent Company purchased 80% of the common stock of Subsidiary Company for $320,000. On this date, Subsidiary had common stock, other paid-in capital, and retained earnings of $45,000, $125,000, and $195,000, respectively. Net income and dividends for 2 years for Subsidiary Company were as follows: Net income Dividends 2016 $60,000 15,000 2017 $80,000 15,000 On January 1, 2016, the only tangible assets of Subsidiary that were undervalued were inventory and building. Inventory, for which FIFO is used, was worth $7,000 more than cost. The inventory was sold in 2016. Building, which was worth $20,000 more than book value, has a remaining life of 10 years, and straight-line depreciation is used. Any remaining excess is goodwill. Prepare Parent's 2016 and 2017 journal entries (after the purchase has been recorded) to record the transactions related to its investment in Subsidiary under the a. Cost method b. Simple Equity method c. Sophisticated Equity method Problem 2 On January 1, 2016, Parent Company purchased 80% of the common stock of Subsidiary Company for $320,000. On this date, Subsidiary had common stock, other paid-in capital, and retained earnings of $45,000, $125,000, and $195,000, respectively. Net income and dividends for 2 years for Subsidiary Company were as follows: Net income Dividends 2016 $60,000 15,000 2017 $80,000 15,000 On January 1, 2016, the only tangible assets of Subsidiary that were undervalued were inventory and building. Inventory, for which FIFO is used, was worth $7,000 more than cost. The inventory was sold in 2016. Building, which was worth $20,000 more than book value, has a remaining life of 10 years, and straight-line depreciation is used. Any remaining excess is goodwill. Prepare all necessary elimination entries for the consolidating worksheet of December 31, 2016. Assume Parent uses the simple equity method of accounting for its investment in Subsidiary. What is the NCI share of consolidated income for the year - show computations? Problem 3 On January 1, 2016, Parent Company purchased 80% of the common stock of Subsidiary Company for $320,000. On this date, Subsidiary had common stock, other paid-in capital, and retained earnings of $45,000, $125,000, and $195,000, respectively. Net income and dividends for 2 years for Subsidiary Company were as follows: Net income Dividends 2016 $60,000 15,000 2017 $80,000 15,000 On January 1, 2016, the only tangible assets of Subsidiary that were undervalued were inventory and building. Inventory, for which FIFO is used, was worth $7,000 more than cost. The inventory was sold in 2016. Building, which was worth $20,000 more than book value, has a remaining life of 10 years, and straight-line depreciation is used. Any remaining excess is goodwill. Prepare all necessary elimination entries for the consolidating worksheet of December 31, 2017. Assume Parent uses the simple equity method of accounting for its investment in Subsidiary. What is the NCI share of consolidated income for the year - show computations