Arestion $8.$ Downstream Sales

P Company owns $80\%$ of the common stock of $8$ Company. P Company sells merchandlse to $8$ Company at $25\%$ above its cost. During $2019$ and $2020$ such sales amounted to $$132,500$ and $$237,500,$ respectively. The $2019$ and $2020$ ending inventories of sompany lncluded goods purchased fomp Company tor $$62300$ and $$85,000,$ respectively. P Company reported net income from its independent operations $($including intercompany profit on inventory sales to afililiates$)$ of $$225,000$ in $2019$ and $$240,000$ in $2020\mathrm{.}8$ reported net income of $$112,500$ in $2019$ and $$137,500$ in $2020$ and did not declare dividends in elther year. There were no intercompany sales prior to $2019.$

Required:

A$.$ Prepare in general joumal form all enties necessary in the consolidated financial statements workpapers to ellminate the effects of the intercompany sales for each of the years $2019$ and $2020.$

B$.$ Calculate the amount of noncontrolling interest to be deducted from consolidated income in the consolidated income statements for $2019$ and $2020.$

C$.$ Calculate controlling interest in consolidated income for $2020.$