please write me the answer in a journal entry style and step by step with explanation

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