S is an 80% owned subsidiary of P, Inc. P accounts for S using the equity method. The following facts apply:

On January 2, 2021, S purchased a machine with a cost of $160,000 and accumulated depreciation of $60,000 from P for $120,000. The machine had a 5-year remaining life on January 2, 2021, and is being depreciated by the straight-line method.

In 2024, P reported net income of $180,000 without including income from S. S reported net income of $100,000.

1. From the foregoing information, prepare the required consolidation entries for the 2024 consolidated worksheet in general journal form. For any debit or credit to retained earnings or to an income statement account, indicate whether it is the parent's or the subsidiary's retained earnings or income statement account.