please provide explanation.

On January 1, 2018, PPP Corporation purchased 90% of the outstanding common stock of SSS Corporation for $513,000. SSS's book values represented the fair values of all recorded assets and liabilities at that date, however SSS had rights to a patent that was not recorded on their books, with an approximate fair value of $270,000, and a 10-year remaining useful life. SSS's shareholders' equity reported on that date consisted of $100,000 in capital stock and $150,000 in retained earnings. Any remaining fair value/book value differential is assumed to be goodwill. The December 31, 2018 investment in SSS had a balance of $506,700. The December 31, 2019 financial statements for each of the companies are provided in the worksheet below. 1. Complete the consolidation worksheet provided below to determine consolidated balances to be reported at December 31, 2019. PPPSSST Eliminations Debit Credit Consoli- dated INCOME STATEMENT S615, 300 380,000 Income from SSS 38,700 (368,000) (170,000) Cost of Sales Depreciation & Amort. Expense other Expenses ( 42,000) (60,000) (80,000) (100,000) Net income 144,000 70,000 870,000 1 170,000 Earnings 1/1 Add: Net income 144,000 (35,000) 70,000 (40,000) 200,000 $ 979,000 Dividends Retained Earnings 12/31 BALANCE SHEET Cash other current assets 120,000 30,000 201, 600 180,000 PPE 560,000 206,000 509,400 Investement in SSS Patent Goodwill 1,391,000 416,000 248,000 TOTAL ASSETS EQUITIES Accounts payable Capital Stock Retained Earnings 116,000 100,000 164,000 979,000 200,000 TOTAL EQUITIES $ 1,391,000 416,000 2- What are the entries "transactions" that company PPP will record to recognize the investment in SSS at the end of December 31, 2019-applying equity method? Show the T-account of investment in SSS. 3- Prepare the consolidated balance sheet at December 31, 2019