Problem $6-30($Algo$)($LO $6-4)$ Smith, Incorporated, has the following stockholders$$ equity accounts as of January $1,2024$: Preferred stock$$$$100$ par, nonvoting and nonparticipating, $6\%$ cumulative dividend$ $2,110,000$Common stock$$$$10$ par value$4,110,000$Retained earnings$10,110,000$ Haried Company purchases all of Smith's common stock on January $1,2024,$ for $$14,300,000.$ The preferred stock remains in the hands of outside parties. Any excess acquisition$-$date fair value will be assigned to franchise contracts with a $50-$year remaining life. Required: During $2024,$ Smith reports earning $$560,000$ in net income and declares $$470,000$ in cash dividends. Haried applies the equity method to this investment. What is the noncontrolling interest's share of consolidated net income for this period? What is the balance in the Investment in Smith account as of December $31,2024?$ What consolidation entries are needed for $2024?$