7 points QUESTION 2 On December 31, 2020, P Company purchased a controlling interest in S Company for $1,000,000. The consolidated balance sheet on December 31, 2020 reported noncontrolling interest in s Company of $265,000 S 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. Compute the noncontrolling interest porcentage on December 31, 2020, Noncontrolling Interest Porcentago is: Prepare the investeren in entry made to prepare a consolidated balance sheet work paperAny difference between book value and the valued by the purchase price relates to subsidiary PPE Debit Credit Cannon Stocks Other Contributed Capital Retained Emiges Difference between implied and Book Value Investment in company Noncontrolling Interest in Equity Debit Credit PPEE Difference between Implied and Book Value 2. Prepare the investment elimination entry made to prepare a consolidated balance sheet workpaper. Any difference between book value and the value implied by the purchase price relates to subsidiary PPSE Debit Credit Common Stocks 520,000 Other Contributed Capital 380,000 Retained Earnings- 280,000 Difference between Implied and Book Value 145,000 Investment in S company 1,060,000 Noncontrolling Interest in Equity 265,000 Debit Credit PP&E 145,000 Difference between Implied and Book Value 145,000 Save Save and Sdn lick Save and Submit to save and submit. Click Save All Answers to save all answers