Accounting work

Exercise 6-8 Perkins Company owns 85% of Sheraton Company. Perkins Company sells merchandise to Sheraton Company at 20% above cost. During 2014 and 2015, such sales amounted to $439,560 and $468,000, respectively. At the end of each year, Sheraton Company had in its inventory one-third of the amount of goods purchased from Perkins during that year. Assume that the sales were upstream instead of downstream. Prepare the workpaper entries necessary to eliminate the effects of the intercompany sales for 2014 and 2015. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2014 (To eliminate intercompany sales) (To eliminate intercompany profit in ending inventory) 2015 (To eliminate intercompany sales) (To recognize intercompany profit in beginning inventory realized during the year and reduce controlling and noncontrolling interests for their share of unrealized intercompany profit at beginning of year.) To eliminate intercompany profit in ending inventory)Exercise 6-1 P Company owns 80% of the outstanding stock of S Company. During 2014, S Company reported net income of $516,950 and declared no dividends. At the end of the year, S Company's inventory included $474,420 in unrealized profit on purchases from P Company. Intercompany sales for 2014 totaled $2,864,100. Prepare in general journal form all consolidated financial statement workpaper entries necessary at the end of the year to eliminate the effects of the 2014 intercompany sales. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To eliminate intercompany sales of 2014) (To eliminate unrealized intercompany profit in inventory)Exercise 6-2 P Company owns 80% of the outstanding stock of S Company. During 2014, $ Company reported net income of $499,720 and declared no dividends. At the end of the year, S Company's inventory included $472,610 in unrealized profit on purchases from P Company. Intercompany sales for 2014 totaled $2,752,900. Calculate the amount of the noncontrolling interest to be deducted from consolidated income in arriving at 2014 controlling interest in consolidated net income. Noncontrolling Interest in Net Income Click if you would like to Show Work for this question: Open Show WorkPerkins Company owns 85% of Sheraton Company. Perkins Company sells merchandise to Sheraton Company at 20% above cost. During 2014 and 2015, such sales amounted to $456,120 and $486,000, respectively. At the end of each year, Sheraton Company had in its inventory one-third of the amount of goods purchased from Perkins during that year. Prepare the workpaper entries necessary to eliminate the effects of the intercompany sales for 2014 and 2015. (If no entry is required, select "No Entry" for the account titles and enter the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2014 (To eliminate intercompany sales) (To eliminate intercompany profit in ending inventory) 2015 (To eliminate intercompany sales) [To recognize intercompany profit Included in beginning inventory and reduce beginning consolidated retained earnings for unrealized intercompany profit at the beginning of the year) (To eliminate intercompany profit in ending inventory)