P Corporation paid $440,000 for 80% of S Corporation's $10 par common stock on December 31 , 206, when S Corporation's stockholders' equity was made up of $300,000 of Common Stock, $100,000 of Other Contributed Capital and $50,000 of Retained Earnings. S's identifiable assets and liabilities reflected their fair values on December 31, 20X6, except for 5 's inventory which was undervalued by $35,000 and their land which was undervalued by $25,000. Balance sheets for P and S immediately after the business combination are presented below. Prepare the consolidated balance sheet as of December 31, 2016 and answer the following questions by selecting the best response from the drondown menu [Select ] - Total assets of the consolidated entity should be $1,460,000 $1,800,000 - The amount of noncontrolling interest on the co $1,200,000 be: $1,900,000