On Jan 1, 2019, P Company purchased 85% of the common stock of Company for $340,000. Any difference between implied and book value relates to S Co. land. P Co. uses the cost method to record its investment in S Company. S Company's income was earned evenly throughout the year. Additional information for both companies for 2019 follows: Common stock Other contributed capital Retained Earnings, 1/1 Net Income (31/12) Dividends declared (31/12) P Co. $400,000 130,000 250,000 110,000 45,000 S Co. $200,000 40,000 60,000 90,000 35,000 1- The consolidated net income for year 2019 will be: * $100,000 $173,800 $156,750 $200,000 2- Eliminating entries for the preparation of a consolidated statements workpaper on December 31, 2019 will include: * Credit Common Stock of $200,000 Credit Dividend Declared of $29,750 Debit Land of $200,000 Debit Dividend Income of $25,200 3- The noncontrolling balance at December 31, 2019 will be $60,000 $43,200 $68,250 $35,000 4- The consolidated balance of the dividend declared account will be: * $45,200 $30,000 $58,000 $45,000 On Jan 1, 2019, P Company purchased 85% of the common stock of Company for $340,000. Any difference between implied and book value relates to S Co. land. P Co. uses the cost method to record its investment in S Company. S Company's income was earned evenly throughout the year. Additional information for both companies for 2019 follows: Common stock Other contributed capital Retained Earnings, 1/1 Net Income (31/12) Dividends declared (31/12) P Co. $400,000 130,000 250,000 110,000 45,000 S Co. $200,000 40,000 60,000 90,000 35,000 1- The consolidated net income for year 2019 will be: * $100,000 $173,800 $156,750 $200,000 2- Eliminating entries for the preparation of a consolidated statements workpaper on December 31, 2019 will include: * Credit Common Stock of $200,000 Credit Dividend Declared of $29,750 Debit Land of $200,000 Debit Dividend Income of $25,200 3- The noncontrolling balance at December 31, 2019 will be $60,000 $43,200 $68,250 $35,000 4- The consolidated balance of the dividend declared account will be: * $45,200 $30,000 $58,000 $45,000