Downstream Sales LO 2 P Company owns 80% of the outstanding stock of S Company. During 2019, S Company reported net income of $525,000 and declared no dividends. At the end of the year, S Company's inventory included $487,500 in unrealized profit on purchases from P Company. Intercompany sales for 2019 totaled $2,700,000. Chapter 6 Elimination of Unrealized Profit on Intercompany Sales of Inventory Required: Prepare in general journal form all consolidated financial statement workpaper entries necessary at the end of the year to eliminate the effects of the 2019 intercompany sales. Noncontrolling Interest, Downstream Sales Lo 5 Refer to Exercise 6-1. Calculate the amount of the noncontrolling interest to be deducted from consolidated income in arriving at 2019 controlling interest in consolidated net income