Smith, Inc., has the following stockholders' equity accounts as of January $1,2021$:$$2,190,0004,190,00010,190,000$Haried Company purchases all of Smith's common stock on January $1,2021,$ for $$14,440,000.$ The preferred stock remains in the hands of outside parties. Any excess acquisition$-$date fair value will be assigned to franchise contracts with a $40-$year remaining life.

During $2021,$ Smith reports earning $$640,000$ in net income and declares $$550,000$ in cash dividends. Haried applies the equity method to this investment.

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 $31,2021?$

c$.$ What consolidation entries are needed for $2021?$

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Req A and B $$

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 $31,2021?$

$\backslash$table$[[,,$Amount$],[$a$.,$Net income $-$ noncontrolling interest's share,$$131,400Q$