On December 31, 2020, P Company purchased a controlling interest in s Company for $1,060,000. The consolidated balance sheet on December 31, 2020 reported noncontrolling interest in s Company of $265,000 On the date of acquisition, the stockholders' equity section of S Company's balance sheet was as follows. Common stock $520,000 Other contributed capital $380,000 Retained earnings $280,000 Total $1,180,000 Required 1. Compute the noncontrolling interest percentage on December 31, 2020 Noncontrolling Interest Percentage is: 2. Prepare the investment elimination entry made to prepare a consolidated balance sheet workpaper Any difference between book value and the value implied by the purchase price relates to subsidiary PP&E Debit Credit Common Stock-S Other Contributed Capital Retained Earnings- Difference between Impled and Book Value Investment in Scompany Noncontrolling Interest in Equity Debit Credit PP&E Difference between implied and Book Value