QUESTION 2 On December 31, 2020, P Company purchased a controlling interest in s Company for $1,060,000. The consolidate 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 $200,000 Total $1,180,000 Required: 1. Compute the noncontrolling interest percentage on December 31, 2020, Noncontreding Interest Percentage is: 2. Prepare the investment elimination entry made to prepare a consolidated balance sheet work paper. Any du Lan hon ve and the value implied by the purchase price relates to subsidiary PP&E