explain me the requirments step by step and include every single calucation you did to come up the final conclusion thank you

On January 1, 2014, Telconnect acquires 70 percent of Bandmor for $980,000 cash. The remaining 30 percent of Bandmor's shares continued to trade at a total value of $420,000. The new subsidiary reported common stock of $600,000 on that date, with retained earnings of $360,000. A patent was undervalued in the company's financial records by $60,000. This patent had a 5-year remaining life. Goodwill of $380,000 was recognized and allocated proportionately to the controlling and noncontrolling interests. Bandmor earns income and pays cash dividends as follows: Required: a) If Telconnect has applied the equity method, what consolidation entries are needed as of December 31, 2016? b) What noncontrolling interest balances will appear in consolidated financial statements for 2016? 2