(Solved): On January 1, 2020, Doone Corporation acquired 70 percent of the outstanding voting stock of Rockn ...

On January 1, 2020, Doone Corporation acquired 70 percent of the outstanding voting stock of Rockne Company for $\$546,000$ onsideration. At the acquisition date, the fair value of the 30 percent noncontrolling interest was $\$234,000$, and Rockne's assets and abilities had a collective net fair value of $\$780,000$. Doone uses the equity method in its internal records to account for its investment h Rockne. Rockne reports net income of $\$280,000$ in 2021. Since being acquired, Rockne has regularly supplied inventory to Doone it 25 percent more than cost. Sales to Doone amounted to $\$340,000$ in 2020 and $\$440,000$ in 2021 . Approximately 40 percent of the iventory purchased during any one year is not used until the following year. . What is the noncontrolling interest's share of Rockne's 2021 income? . Prepare Doone's 2021 consolidation entries required by the intra-entity inventory transfers. Complete this question by entering your answers in the tabs below. What is the noncontrolling interest's share of Rockne's 2021 income? Prepare Doone's 2021 consolidation entries required by the intra-entity inventory transfers. (If no entry is required for cransaction/event, select "No journal entry required" in the first account field.)