F., Inc. and H. Inc. formed a business combination on 1/1/2012, when Fred acquired a 60% interest in H's common stock for $312,000 in cash. The book value of H's assets and liabilities on that day totaled $300,000 and the fair value of the non-controlling interest was $208,000. Patients being held by H(with a 12-year remaining life) were undervalued by $90,000 within the company's financial records and a customer list(10-year life) worth $130,000 was also recognized as part of the acquisition date fair value. Intra-entity inventory transfers occur regularly. Merchandise carried over from one year to the next is always sold in the subsequent period.
Year - 2012
Cost to H=80000, Transfer to F=100000, Ending Balance=20000
2013
Cost to H=100000, Transfer to F=125000, Ending Balance=40000
2014
Cost to H=90000, Transfer to F=120000, Ending Balance=30000
F had not paid for half of the 2014 inventory transfers by year-end. On 1/1/2013, F sold $15,000 in land to H for $22,000. H is still holding this land. On 1/1/2014, H acquired $20,000(face value) of F's bonds on the open market. The bonds had an 8 percent cash interest rate. On the date of repurchase, the liability was shown within F's records at $21,386, indicating an effective yield of 6%. H's acquisition price was $18,732 based on an effective interest rate of 10%. H indicated earning a net income of $25000 on its 2014 financial statements. The subsidiary also reported a beginning retained earnings balance of $300,000, dividends of $4,000, and common stock of $100,000. H has not issued any additional common stock since its takeover. The parent company has applied the equity method to record its investment in H.
What are the consolidating entries for 2014 and 2015, and what is the 2014 balance for the non-controlling interest's share of consolidated net income?