Smith, Inc., has the following stockholders' equity 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 Smith's 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 2013, Smith reports earning $550,000 in net income and declares S460,000 in cash dividends. Harried applies the equity method to this investment. What is the noncontrolling interests share of consolidated net income for this period? Net income noncontrolling interests share What is the balance in the investment in Smith account as of December 31, 2014? Investment Smith account 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.)