Company P Industries purchased a 70% interest in Company S on January 1, 2016, and prepared the following determination and distribution of excess schedule:

D&D Schedule	Entity	Parent	NCI
Entity Fair Value	$ 300,000	210,000	90,000
Book value:
Paid-In Capital - Common	200,000
Retained Earnings	80,000
Book value:	280,000	196,000	84,000
Excess	$ 20,000	14,000	6,000
Patent	$ 20,000	20 years	1,000

Since the purchase, there have been the following intercompany transactions:

(1)	On January 1, 2017, Company P sold a piece of equipment with a net book value of $40,000 to Company S for $50,000. The equipment had a five-year remaining life.
(2)	Each year, starting in 2019, Company S has sold merchandise for resale to Company P at a gross profit of 20%. A summary of transactions shows the following:
			Ending
		Dollar Sales	Inventory
	Year	with Mark-up	with Mark-up
	2019	$110,000	$30,000
	2019	$120,000	$40,000
	2020	$140,000	$60,000
(3)	On January 1, 2020, Company P purchased Company S's 8%, $100,000 face value bonds for $98,000, which were issued at par value. The bonds have five years to maturity.

Required:

Complete the following schedule to adjust the retained earnings of the non-controlling and controlling interest on the December 31, 2020, worksheet for a consolidated balance sheet only. Company P uses the simple equity method to account for its investment.

		Adjustment to RE of:
Item	Calculation	NCI	Controlling
Patent
Patent
Equipment
Merchandise
Bonds
Total