On January 1, 2017. P. Company purchased an 80% interest in the common stock of S. 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 subsidiary's land. The following information is from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2017: COMPANY $300,000 1/01/17 retained earnings Net income Dividends declared 12/31/17 retained earnings CONSOLIDATED BALANCES $1,400,000 680,000 _(140,000) $1,940,000 220,000 _(80,000) $440,000 S. stockholders' equity includes only common stock and retained earnings. Required: A. Prepare the workpaper eliminating entries for a consolidated statements workpaper on December 31, 2017. P. Company uses the cost method. B. Compute the total noncontrolling interest to be reported on the consolidated balance sheet on December 31, 2017