Question $1$ Downstream Sales

P Company owns $80\%$ of the outstanding stock of S Company. During $2019,$ S

Company reported net income of $$262,500$ and declared no dividends. At the end of the year, S Company's inventory included $$243,750$ in unrealized profit on purchases from P Company. Intercompany sales for $2019$ totaled $$1,350,000.$

Required:

Prepare in general journal form all consolidated financial statement workpaper entries necessary at the end of the year to eliminate the effects of the $2019$ intercompany sales.

Question $2.$ Noncontrolling Interest, Downstream Sales

Refer to question $1.$ Calculate the amount of the noncontrolling interest to be deducted from consolidated income in arriving at $2019$ controlling interest in consolidated net income.