B-P owns a 90% interest in S acquired at book value equal to fair value at the beginning of 2019. In 2019, Intercompany sales were $50,000 and cost of inventory items sold intercompany was $40,000.50% of this inventory remained on hand at December 31, 2019, but was sold in 2020. In 2020, Intercompany sales were $80,000 and cost of inventory items sold intercompany was $50,000. Unrealized profit at year-end 2020 was $10,000. Presented below are several figures reported for the parent company and its subsidiary: Separate incomes 2020 Sales Cost of Sales Expenses Separate incomes P $550.000 (300,000) (140.000) S110.000 S $350,000 (200,000) (90,000) $ 60.000 Required: 1- Calculate the following balances at December 31, 2020 (Show computations) assuming it's an upstream sale. A Consolidated Sales B. Consolidated Cost of goods sold C. Consolidated Expenses D Consolidated Net Income E. Non-controlling interest share of S's net income F. Controlling interest share of consolidated net income 2- Prepare consolidation working paper entry to recognize previously deferred unrealized profits from the beginning inventory at December 31, 2020 (10.5 Marks)