Kindly, slove this in a way I can copy it and show steps clearly... thumbs up will be given.

Question 2:

On January 1, 2011, Price Company purchased an 80% interest in the common stock of Stahl Company for $1,040,000, which was $60,000 greater than the book value of equity acquired. The difference between implied and book value relates to the subsidiarys land.

The following information is from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2011:

	STAHL COMPANY	CONSOLIDATED BALANCES
1/01/11 retained earnings	$300,000	$1,400,000
Net income	220,000	680,000
Dividends declared	(80,000)	(140,000)
12/31/11 retained earnings	$440,000	$1,940,000

Stahls stockholders equity includes only common stock and retained earnings.

Required:

1. Prepare the workpaper eliminating entries for a consolidated statements workpaper on December 31, 2011. Price uses the cost method.
2. Compute the total noncontrolling interest to be reported on the consolidated balance sheet on December 31, 2011.