Parent Company P acquired 80% of Subsidiary S for $400,000 when the fair value of S's net assets was $450,000. The book value of S's net assets was $380,000.

Requirements:

1. Calculate the non-controlling interest at acquisition.
2. Prepare the consolidated balance sheet immediately after the acquisition.
3. Calculate goodwill arising from the acquisition.
4. Prepare the elimination entries for the consolidation process.
5. Discuss the impact of this acquisition on the parent company's financial statements.