On January $1,2023,$ Doone Corporation acquired $60$ percent of the outstanding voting stock of Rockne Company for $$312,000$ Prepare Doone's $2024$ consolidation entries required by the intra$-$entity inventory transfers.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

consideration. At the acquisition date, the falr value of the $40$ percent noncontrolling interest was $$208,000,$ and Rockne's assets and

Ilabilitles had a collective net falr value of $$520,000.$ Doone uses the equity method in its internal records to account for its investment

In Rockne. Rockne reports net income of $$150,000$ in $2024.$ Since being acquired, Rockne has regularly supplied Inventory to Doone

at $25$ percent more than cost. Sales to Doone amounted to $$210,000$ in $2023$ and $$310,000$ in $2024.$ Approximately $35$ percent of the

Inventory purchased during any one year is not used untll the following year.

Required:

a$.$ What is the noncontrolling Interest's share of Rockne's $2024$ Income?

b$.$ Prepare Doone's $2024$ consolidation entrles required by the intra$-$entity Inventory transfers.

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What is the noncontrolling interest's share of Rockne's $2024$ income?

Noncontrolling interest's share