P Corporation acquired 70 percent ownership of S Company on January 1, 20X6, at underlying book value. At that date, the fair value of the noncontrolling interest was equal to 30 percent of the book value of S. On January 1, 20X8, Portfolio sold 1,000 shares of S Company for $20,000 to A Corporation and recorded a $5,000 gain. Trial balances for the companies on December 31, 20X8, contain the following data:

	P Corp		S Corp
	Debit	Credit	Debit	Credit
Cash	$70,000		$20,000
Accounts Recievable	$60,000		$40,000
Inventory	$80,000		$60,000
Buildings and Equipment	$400,000		$200,000
Investment in S	$114,000
Cost of Goods Sold	$180,000		$90,000
Depreciation Expense	$40,000		$20,000
Other Expenses	$17,000		$30,000
Dividends Declared	$25,000		$20,000
Accumulated Depreciation		$80,000		$60,000
Accounts Payable		$40,000		$30,000
Bonds Payable		$100,000		$40,000
Common Stock ($5 Par)		$150,000		$50,000
Additional Paid-in Capital		$75,000		$10,000
Retained Earnings		$200,000		$90,000
Sales		$300,000		$200,000
Gain on Sale of S Company Stock		$5,000
Income from S Company		$36,000
	$986,000	$986,000	$480,000	$480,000

S Company's net income was earned evenly throughout the year. Both companies declared and paid their dividends on December 31, 20X8. P uses the fully adjusted equity method in accounting for its investment in S.

Required:

1. Prepare the elimination entries needed to complete a full consolidation worksheet for 20X8.
2. Prepare a consolidation worksheet for 20X8.