7 points QUESTION 2 On December 31, 2020, P Company purchased a controlling interest in s Company for $1.060,000. The consolidated balance sheet on December 31, 2020 reported noncontrolling interest in s Company of $205,000 On the date of acquisition, the stockholders' equity section of S Company's balance sheet was as follows: Common stock $520,000 Other contributed capital $380 000 Retained earnings $280,000 Total $1,180,000 Required: 1 1. Compute the noncontrolling interest percentage on December 31, 2020 Noncontrolling Interest Percentage is: Ang torent Percentage in 2. Prepare the investment elimination entry made to prepare a consolidated balance sheet work paper. Any difference between book value and the value implied by the purchase price relates to subsidiary PPSE Debit Credit Common Stock-S Other Contributed Capital Retained Earnings-S Difference between Implied and Book Value Investment in Scompany Noncontrolling Interest in Equity Debit Credit PP&E Difference between Implied and Book Value