Smith, Inc., has the following stockholders equity accounts as of January 1, 2014: Preferred stock$120 par, nonvoting and nonparticipating, 8 percent cumulative dividend $ 2,100,000 Common stock$10 par value 4,100,000 Retained earnings 10,100,000 Haried Company purchases all of Smiths common stock on January 1, 2014, for $14,250,000. 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 2014, Smith reports earning $550,000 in net income and declares $460,000 in cash dividends.

Haried applies the equity method to this investment. so could someone help me to solve the following requirements with the explaintion?

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

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

c. What consolidation entries are needed for 2014? 1)

Prepare entries S and A (combined) Consolidating Entries Debit Credit Common stock (Smith) Franchises Preferred stock (Smith) Retained earnings (Smith) Investment in Smith Noncontrolling interest in Smith

(2) Prepare entry I Consolidating Entries

Debit Credit Equity income of subsidiary ??? Investment in Smith ???

(3) Prepare entry D Consolidating Entries Debit Credit Investment in Smith ???

Dividends declared ???

(4) Prepare entry E Consolidating Entries Debit Credit Amortization expense Franchises