On Jan 1, 2019.P Company purchased 90% of the common stock of Company for $315,000. Any difference between implied and book value relates to S Co. land. P Co. uses the cost method to record its investment in 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. $350,000 130,000 250,000 100,000 30,000 s Co. $100,000 40,000 60,000 110,000 28,000 Use the above information to answer the below: 1- Eliminating entries for the preparation of a consolidated statements workpaper on December 31, 2019 will include: Debit Dividend Income of $25,200 Credit Common Stock of $100,000 Credit Dividend Declared of $29,750 Debit Land of $200,000 2- The consolidated balance of the dividend declared account will be: $200,000 $30,000 $58,000 $45,200 3- The noncontrolling balance at December 31, 2019 will be: * $35,000 $25,200 $43,200 $200,000 4- The consolidated net income for year 2019 will be: * $173,800 $100,000 $210,000 $200,000 On Jan 1, 2019.P Company purchased 90% of the common stock of Company for $315,000. Any difference between implied and book value relates to S Co. land. P Co. uses the cost method to record its investment in 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. $350,000 130,000 250,000 100,000 30,000 s Co. $100,000 40,000 60,000 110,000 28,000 Use the above information to answer the below: 1- Eliminating entries for the preparation of a consolidated statements workpaper on December 31, 2019 will include: Debit Dividend Income of $25,200 Credit Common Stock of $100,000 Credit Dividend Declared of $29,750 Debit Land of $200,000 2- The consolidated balance of the dividend declared account will be: $200,000 $30,000 $58,000 $45,200 3- The noncontrolling balance at December 31, 2019 will be: * $35,000 $25,200 $43,200 $200,000 4- The consolidated net income for year 2019 will be: * $173,800 $100,000 $210,000 $200,000