S is an 80% owned subsidiary of P, Inc. The following facts apply to 2023: On January 1, 2023, S held $50,000 of merchandise sold to it from P. P made sales to S during 2023 totaling $160,000. On December 31, 2023, S had $60,000 of such goods purchased from P in its ending inventory P always sells to S at a 20% gross profit. In 2023 P reported net income of $400,000 without including income from S. S reported net income of $300,000. P accounts for S using the equity method. INSTRUCTIONS (This is independent of Problem 1): a. From the foregoing information, prepare the required consolidation entries for the 2023 consolidated worksheet in general journal form. b. Determine the consolidated net income for 2023, along with the Noncontrolling Interest in income and the Controlling Interest in income.