QUESTION 2 7 points On December 31, 2020, P Company purchased a controlling interest in s Company for $1,060,000. The consolidated balance sheet on December 31, 2020 reported noncontrolling interest in s Company of $265,000. On the date of acquisition, the stockholders' equity section of S Company's balance sheet was as follows: Common stock $520,000 Other contributed capital $380,000 Retained earnings $280,000 Total $1.180.000 Required 1. Compute the noncontrolling interest percentage on December 31, 2020. Noncontrolling Interest Percentage is: 2. Prepare the investment elimination entry made to prepare a consolidated balance sheet workpaper. Any difference between book value and the value implied by the purchase price relates to subsidiary PP&E. Debit Credit Common Stock-S Save All Answers Save and S Click Save and Submit to save and submit. Click Save All Answers to save all answers. Noncontrolling Interest Percentage is: 2. Prepare the investment elimination entry made to prepare a consolidated balance sheet workpaper. Any difference between book value and the value implied by the purchase price relates to subsidiary PP&E Debit Credit Common Stock-S Other Contributed Capital Retained Earnings- Difference between Implied and Book Value Investment in S company Noncontrolling Interest in Equity Debit Credit PP&E Difference between Implied and Book Value Click Save and Submit to save and submit. Click Save All Answers to save all answers