People Co. acquired 80% of Steeple Co.'s common stock for $10,000,000 in cash on Jan. 2. 20x1. At that date, Steeple's $6,000,000 of net assets were fairly stated, except for an unrecorded intangible asset, favorable leases, with a $1,000,000 value (useful life of 10 years, straight-line amortization). The estimated fair value of the noncontrolling interests at the acquisition date was $2.000.000. People Co. and both firms are in the U.S.A. accounts for its investment in Steeple Co, using the equity method. There are no intra-entity transactions It is now December 31, 20x3. Steeple reported net income of $250,000 for the current year, and declared and paid $40,000 in dividends. There were no impairments of Steeple's assets in 20x1, 20x2 or but goodwill is impaired by $100,000 in 20x3. consolidated financial statements for 20x3 (3 pts) 3. Show.consolidating entry N (relates to noncontrolling interests) that would be needed to present 4. Show consolidating entry R (relates to recognizing revalued assets and liabilities) that would be needed to present consolidated financial statements for 20x3. (6 pts)