Please solve the following problem

Smith, Inc., has the following stockholders' equity accounts as of January 1, 2018: Preferred stock$120 par, nonvoting and nonparticipating, 8% cumulative dividend $ 2 , 100 , 000 Common stock5 10 par value 4 , 100 , 000 Retained earnings 10 , 100 , 000 ' Haried Company purchases all of Smith's common stock on January 1, 2018, for $14,250,000. The preferred stock remains in the hands of outside parties. Any excess acquisitiondate fair value will be assigned to franchise contracts with a 40year remaining life. During 2018, Smith reports earning $550,000 in net income and declares $460,000 in cash dividends. Haried applies the equity method to this investment. 3. What is the noncontrolling interest's share of consolidated net income for this period? b. What is the balance in the Investment in Smith account as of December 31, 2018? c. What consolidation entries are needed for 2018? Complete this question by entering your answers in the tabs below. Req A and B Req C a. What is the noncontrolling interest's share of consolidated net income for this period? b. What is the balance in the Investment in Smith account as of December 31, 2018? Net income - noncontrolling interest's share Investment in Smith account ReqC > Consolidation Worksheet Entries Prepare Entry 5 and A to eliminate the subsidiary stockholders' equity, record excess fair values, and to record the outside ownership of the subsidiary's preferred stock at fair value. Note: Enter debits before credits. ___ Record entry Clear entry View consolidation entries Consolidation Worksheet Entries Prepare Entry I to eliminate the equity accrual made in connection with common stock along with the excess amortization recorded by the parent. Note: Enter debits before credits. Record entry Clear entry View consolidation entries Consolidation Worksheet Entries Prepare Entry D to remove the intra-entity dividend declarations made on common stock. Note: Enter debits before credits. Record entry Clear entry View consolidation entries Consolidation Worksheet Entries Prepare Entry E to recognize the amortization of franchises for the current year. Note: Enter debits before credits. Record entry Clear entry View consolidation entries