Smith, Inc., has the following stockholders equity accounts as of January 1, 2014:

Preferred stock$100 par, nonvoting and nonparticipating, 7 percent cumulative dividend	$	2,080,000
Common stock$20 par value		4,080,000
Retained earnings		10,080,000

Haried Company purchases all of Smiths common stock on January 1, 2014, for $14,220,000. The preferred stock remains in the hands of outside parties. Any excess acquisition-date fair value will be assigned to franchise contracts with a 50-year remaining life.

During 2014, Smith reports earning $530,000 in net income and declares $440,000 in cash dividends. Haried applies the equity method to this investment.

a. What is the noncontrolling interests share of consolidated net income for this period?

Net Income-Noncontrolling interest's share: NEED ANSWER

b. What is the balance in the Investment in Smith account as of December 31, 2014?

Investment in Smith Account: NEED ANSWER

c. What consolidation entries are needed for 2014? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1) Prepare entries S and A (combined)

Consolidating Entries	Debit	Credit
Preferred stock (Smith)	$2,080,000
Common stock (Smith)	$4,080,000
Retained Earnings (Smith)	$10,080,000
Franchises	NEED ANSWER
Investment in Smith		NEED ANSWER
Noncontrolling interest in Smith		NEED ANSWER

(2) Prepare entry I

Consolidating Entries	Debit	Credit
Equity income of subsidiary	NEED ANSWER
Investment in Smith		NEED ANSWER

(3) Prepare entry D

Consolidating Entries	Debit	Credit
Investment in Smith	NEED ANSWER
Dividends declared		NEED ANSWER

(4) Prepare entry E

Consolidating Entries	Debit	Credit
Amortization expense	NEED ANSWER
Franchises		NEED ANSWER