P Company purchased 80% of the outstanding common stock of S Company on January 2, 2016, for $680,000. The composition of S Companys stockholders equity on January 2, 2016, and December 31, 2017, was: 2/1/16 31/12/17 Common stock $540,000 $540,000 Other contributed capital 325,000 325,000 Retained earnings (deficit) (60,000) 295,000 Total stockholders equity $805,000 $1,160,000 During 2017, S Company earned $210,000 net income and declared a $60,000 dividend. Any difference between implied and book value relates to land. P Company uses the cost method to record its investment in S Company. Required: A. Prepare any journal entries that P Company would make on its books during 2017 to record the effects of its investment in S Company. B. Prepare, in general journal form, all workpaper entries needed for the preparation of a consolidated statements workpaper on December 31, 2017.