Q.4. On January 1, 2015, Parent Company purchased 70% interest in the common stock of Subsidiary Company for O.R 1,000,000. The difference between implied and book value relates to the subsidiary's goodwill The following information is from the consolidated retained earnings section of the consolidated statements workpaper for the year ended December 31, 2015: Consolidated balances Subsidiary Company 1/01/15 retained earnings Net income 220,000 Dividends declared (80.000) 12/31/15 retained earnings O.R 300,000 O.R 1,400,000 680,000 (140,000) O.R 440.000 R 1.940.000 Subsidiary Company's stockholders' equity includes only common stock and retained earnings. With book value of O.R 1,350,000 at the date of acquisition. Instructions: a. Prepare the workpaper eliminating entries for a consolidated statements workpaper on December 31, 2015. Parent Company uses the cost method. .7 marks) o. Compute the total noncontrolling interest to be reported on the consolidated balance sheet on December 31, 2015