On January 1, 2021, Perch Company purchased an 80% interest in the capital stock of Salmon Company for $3,400,000. At that time, Salmon Company had common stock of $2,200,000 and retained earnings of $620,000. Perch Company uses the equity method to record its investment in Salmon Company. Differences between the fair value and the book value of the identifiable assets of Salmon Company were as follows: Equipment Land Inventory Fair Value in Excess of Book Value $400,000 200,000 80,000 The book values of all other assets and liabilities of Salmon Company were equal to their fair values on January 1, 2021. The equipment had a remaining life of five years on January 1, 2021; the inventory was sold in 2021. Salmon Company's net income and dividends declared in 2021 were as follows: Year 2021 Net Income of $400,000; Dividends Declared of $100,000 PERCH COMPANY AND SUBSIDIARY TRIAL BALANCES For the Year Ended December 31, 2022 Perch Company Salmon Company Cash 280,000 260,000 Accounts Receivable 1,040,000 760,000 Inventory 960,000 700,000 Investment in Salmon Company 3,800,000 Land 1,280,000 Plant and Equipment 1,440,000 1,120,000 Accounts Payable (528,000) (440,000) Notes Payable (360,000) (120,000) Common Stock (4,000,000) (2,200,000) Retained Earnings, Jan 1 (2,112,000) (920,000) Dividends Declared 360,000 240,000 Sales (4,400,000) (1,800,000) Equity in Net Income of Salmon (480,000) Cost of Goods Sold 3,600,000 800,000 Depreciation Expense Other Expenses 160,000 120,000 240,000 200,000 REQUIRED: 1. Prepare the working paper entries to consolidate the December 31, 2022 trial balances of Perch and Salmon. 2. Calculate the NCI's share Salmon's Net Income and the consolidated NCI balance.