On January 1, 2020, Doone Corporation acquired 80 percent of the outstanding voting stock of Rockne Company for $544 , 000 consideration. At the acquisition date, the fair value of the 20 percent noncontrolling interest was $136 , 000 , and Rockne's assets and liabilities had a collective net fair value of $680 , 000 . Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $230 , 000 in 2021 . Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $290 , 000 in 2020 and $390 , 000 in 2021 . Approximately 30 percent of the inventory purchased during any one year is not used until the following year. a. What is the noncontrolling interest's share of Rockne's 2021 income? b. 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? On January 1, 2020, Doone Corporation acquired 80 percent of the outstanding voting stock of Rockne Company for $544 , 000 consideration. At the acquisition date, the fair value of the 20 percent noncontrolling interest was $136 , 000 , and Rockne's assets and liabilities had a collective net fair value of $680 , 000 . Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $230 , 000 in 2021 . Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $290 , 000 in 2020 and $390 , 000 in 2021. Approximately 30 percent of the inventory purchased during any one year is not used until the following year. a. What is the noncontrolling interest's share of Rockne's 2021 income? b. Prepare Doone's 2021 consolidation entries required by the intra-entity inventory transfers. Complete this question by entering your answers in the tabs below. Prepare Doone's 2021 consolidation entries required by the intra-entity inventory transfers. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) On January 1, 2020, Doone Corporation acquired 80 percent of the outstanding voting stock of Rockne Company for $544 , 000 consideration. At the acquisition date, the fair value of the 20 percent noncontrolling interest was $136 , 000 , and Rockne's assets and liabilities had a collective net fair value of $680 , 000 . Doone uses the equity method in its internal records to account for its investment at 25 percent more than cost. Sales to Doone amo in 2021 . Since being acquired, Rockne has regularly supplied inventory to Doone inventory purchased during any one year is not used until the following year. $290 , 000 ind $390 , 000 in 2021. Approximately 30 percent of the a. What is the noncontrolling interest's share of Rockne's 2021 income? b. Pre.

1. On January 1, 2020, Doone Corporation acquired 80 percent of the outstanding voting stock of
Rockne Company for $544 , 000 consideration. At the acquisition date, the fair value of the 20
percent noncontrolling interest was $136 , 000 , and Rockne's assets and liabilities had a
collective net fair value of $680 , 000 . Doone uses the equity method in its internal records to
account for its investment in Rockne. Rockne reports net income of $230 , 000 in 2021 . Since
being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost.
Sales to Doone amounted to $290 , 000 in 2020 and $390 , 000 in 2021 . Approximately 30
percent of the inventory purchased during any one year is not used until the following year. a.
What is the noncontrolling interest's share of Rockne's 2021 income? b. 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? On January 1, 2020, Doone Corporation acquired 80 percent of the outstanding
voting stock of Rockne Company for $544 , 000 consideration. At the acquisition date, the fair
value of the 20 percent noncontrolling interest was $136 , 000 , and Rockne's assets and
liabilities had a collective net fair value of $680 , 000 . Doone uses the equity method in its
internal records to account for its investment in Rockne. Rockne reports net income of $230 ,
000 in 2021 . Since being acquired, Rockne has regularly supplied inventory to Doone at 25
percent more than cost. Sales to Doone amounted to $290 , 000 in 2020 and $390 , 000 in 2021.
Approximately 30 percent of the inventory purchased during any one year is not used until the
following year. a. What is the noncontrolling interest's share of Rockne's 2021 income? b.
Prepare Doone's 2021 consolidation entries required by the intra-entity inventory transfers.
Complete this question by entering your answers in the tabs below. Prepare Doone's 2021
consolidation entries required by the intra-entity inventory transfers. (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field.) On January 1,
2020, Doone Corporation acquired 80 percent of the outstanding voting stock of Rockne
Company for $544 , 000 consideration. At the acquisition date, the fair value of the 20 percent
noncontrolling interest was $136 , 000 , and Rockne's assets and liabilities had a collective net
fair value of $680 , 000 . Doone uses the equity method in its internal records to account for its
investment at 25 percent more than cost. Sales to Doone amo in 2021 . Since being acquired,
Rockne has regularly supplied inventory to Doone inventory purchased during any one year is
not used until the following year. $290 , 000 ind $390 , 000 in 2021. Approximately 30 percent
of the a. What is the noncontrolling interest's share of Rockne's 2021 income? b. Prepare Doone's
2021 consolidation entries required by the intra-entity inventory transfers. Complete this
question by entering your answers in the tabs below. Prepare Doone's 2021 consolidation entries
required by the intra-entity inventory transfers. (If no entry is required for a transaction/event,
select "No journal entry required" in the first account fieid.) Consolidation Worksheet Entries On
January 1, 2020, Doone Corporation acquired 80 percent of the outstanding voting stock of
Rockne Company for $544 , 000 consideration. At the acquisition date, the fair value of the 20
percent noncontrolling interest was $136 , 000 , and Rockne's assets and liabilities had a
collective net fair value of $680 , 000 . Doone uses the equity method in its internal records to
account for its investment in Rockne. Rockne reports net income of $230 , 000 in 2021 . Since
being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost.
Sales to Doone amounted to $290 , 000 in 2020 and $390 , 000 in 2021 . Approximately 30
percent of the Inventory purchased during any one year is not used until the following year. a.
What is the noncontrolling interest's share of Rockne's 2021 income? b. Prepare Doone's 2021
consolidation entries required by the intra-entity inventory transfers. Complete this question by

2. entering your answers in the tabs below. Prepare Doone's 2021 consolidation entries required by
the intra-entity inventory transfers. (If no entry is required for a transaction/event, select "No
journal entry required" in the first account field.)