Pell Company acquires $80\%$ of Demers Company for $$500,000$ on January $1,20$X$1.$ Demers reported common stock of $$300,000$ and retained earnings of $$210,000$ on that date. Demers$$ equipment was undervalued by $$30,000$ and buildings were undervalued by $$40,000,$ each having a $10-$year remaining useful life. Any excess consideration paid over fair value was attributed to goodwill. The price paid for the $80\%$ ownership approximated fair value $($i$.$e$..$ the Non$-$Controlling Interest fair value was implied by Pell$$s purchase price$).$ Pell uses the equity method to account for their investment.

During $20$X$1$ and $20$X$2,$ Demers reported the following totals for net income and dividend declarations:

Demers Company $20$X$120$X$2$

Net Income $$100,000$ $$120,000$

Dividends Declared $$40,000$ $$50,000$

During $2019$ and $2020,$ Pell reported the following totals for net income and dividend declarations:

Pell Company $20$X$120$X$2$

Net Income $$500,000$ $$750,000$

Dividends Declared $$-$ $$-$

Requirement #$1$

Compute the balance of Pell$$s $$Investment in Demers$$ account in Pell$$s internal accounting records as of December $31,20$X$2.$

Initial Investment in Demers $500,000$

Share of Net Income $80,000$

Share of Dividends $32,000$

Investment in Demers $548,000$

Requirement #$2$

Compute the total consolidated Net Income for the year$-$ended December $31,20$X$2.$ Also determine the portion of consolidated net income allocated to the Non$-$Controlling Interest, and the portion allocated to the Controlling Interest.

Requirement #$3$

Compute the balance of the Non$-$Controlling Interest reported in the equity section of the consolidated financial statements as of December $31,20$X$2.$

Requirement #$4$

Compute the balance that would be reported for the $$Investment in Demers$$ asset account in the consolidated balance sheet as of December $31,20$X$2.$