P Co. buys 90% shares in S Co. on Jan 20X1. On the date of acquisition, the equity of P and S were as follows: Common Stock Retained Earnings P 500,000 517,500 S 200,000 155,000 What amount of Non-controlling interest will be reported in the consolidated balance sheet? $35,500 $0 $355,000 $1017,500 QUESTION 22 P Co. buys 90% shares in S Co. on Jan 20x1 for $180,000. On the date of acquisition, the equity of P and S were as follows: P S 200,000 Owners' Equity 500,000 What is the correct consolidating journal entry on Jan 1, 20X1? Debit Investment in S, and credit cash $180,000 Debit Owners Equity and credit Investment in S $180,000 Debit Investment in S, and credit cash $200,000 Debit Investment in S, and credit Bonds Payable $180,000