Smith, Incorporated, has the following stockholders$$ equity accounts as of January $1,2024$:

Preferred stock$$$$100$ par, nonvoting and nonparticipating, $8\%$ cumulative dividend $ $2,000,000$

Common stock$$$$20$ par value $4,000,000$

Retained earnings $10,000,000$

Haried Company purchases all of Smith's common stock on January $1,2024,$ for $$14,040,000.$ 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.

Required:

During $2024,$ Smith reports earning $$450,000$ in net income and declares $$360,000$ 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 $31,2024?$

C$.$ What consolidation journal entries are needed for $2024?$

C$1.$ Prepare a combined entry for Consolidation Entries S and A$.$

C$2.$ Prepare Consolidation Entry I for the income accrual.

C$3.$ Prepare Consolidation Entry D for the dividends declared.

C$4.$ Prepare Consolidation Entry E to record amortization.