1. S is an 80% owned subsidiary of P, Inc. P accounts for S using the equity method. The following facts apply: On January 2, 2020, S purchased a machine with a cost of $100,000 and accumulated depreciation of $20,000 from P for $110,000. The machine had a 5-year remaining life on January 2, 2020, and is being depreciated by the straight-line method. In 2023 P reported net income of $150,000 without including income from S. S reported net income of $100,000. INSTRUCTIONS: a. From the foregoing information, prepare the required consolidation entries for the 2023 consolidated worksheet in general journal form. b. Determine the consolidated net income for 2023, along with the Noncontrolling Interest in income and the Controlling Interest in income.