Item1 12points eBookAsk Print References Check my workCheck My Work button is now enabled Item 1 On January 1, 2023, Doone Corporation acquired 60 percent of the outstanding voting stock of Rockne Company for $420,000 consideration. At the acquisition date, the fair value of the 40 percent noncontrolling interest was $280,000, and Rockne's assets and liabilities had a collective net fair value of $700,000. Doone uses the equity method in its internal records to account for its investment in Rockne. Rockne reports net income of $240,000 in 2024. Since being acquired, Rockne has regularly supplied inventory to Doone at 25 percent more than cost. Sales to Doone amounted to $300,000 in 2023 and $400,000 in 2024. Approximately 35 percent of the inventory purchased during any one year is not used until the following year. Required: What is the noncontrolling interest's share of Rockne's 2024 income? Prepare Doone's 2024 consolidation entries required by the intra-entity inventory transfers.