p corporation acquired 80% of the outstanding voting stock of s corporation when the fair values equaled the book values. On July 1, 2010, P sold land to S for $300,000. The land originally cost P $200,000. S recently resold the land on October 30,2011 for $350.000. On October 1, 2011, S corporation sold equipment to P for $80,000. S originally paid $100,000 for this equipment and had accumulated depreciation of $40,000 thus far. The equipment has a five -year remaining life. Complete the consolidated income statement for P corporation and subsidiary for the year ended December 31, 2011. Sales P 1,200,000 S 600,000 Dividend Income from S P 80,000 Gain on Sale of Equipment S 20,000 Gain on Sale of Land S 50,000 Cost of Sales P (800,000) S(300,000) Depreciation Expense P (160,000) S(80,000) Other Expenses P (200,000) S (160,000) Noncontrolling Interest in Income Net Income P 120,000 S 130,000 I need the Elimination Entries and the Consolidated Balances