On January 1, 2019 S acquires 70% of S for $490,000 cash.The remaining 30% of S's shares continued to trade at a total value of $210,000.The new subsidiary reported common stock of $300,000 on that date, with retained earnings of $180,000.A patent was undervalued in the company's financial records by $30,000.This patent had a five-year remaining life.Goodwill of $190,000 was recognized and allocated proportionately to the controlling and noncontrolling interests.S earns net income and declares cash dividends as follows:

YearNet IncomeDividends

201975,00039,000

202096,00044,000

2021110,00060,000

1.) Assuming P has applied the equity method, make the needed consolidation entries as of December 31, 2021.

2). Please give a detailed explanation for each entry (SAIDE) and entry P to eliminate intra-entity receivables and payables.