Shell Company, an 85% owned subsidiary of Plaster Company, sells merchandise to Plaster Company at a markup of 20% of selling price. During 2024 and 2025, intercompany sales amounted to $442,500 and $386,250, respectively. At the end of 2024, Plaster had onehalf of the goods that it purchased that year from Shell in its ending inventory. Plaster's 2025 ending inventory contained onefifth of that year's purchases from Shell. There were no intercompany sales prior to 2024. Plaster had net income in 2024 of $750,000 from its own operations and in 2025 its independent income was $780,000. Shell reported net income of $322,500 and $335,400 for 2024 and 2025, respectively.

Required:

1. Prepare in general journal form all entries necessary on the consolidated financial statement workpapers to eliminate the effects of the intercompany sales for each of the years 2024 and 2025.

2. Calculate the amount of noncontrolling interest to be deducted from consolidated income in the consolidated income statement for 2025.

3. Calculate controlling interest in consolidated income for 2025.

Excel format please