solve it all plz

On January 1, 2017, P purchased 80% of the common stock of S for $80,000 Shad common stock of $80.000 and retained earnings of $12,000 at that time On December 31, 2021. the trial balances of the two companies were P S Cash 13,000 14,000 P s Cash 13,000 14,000 Accounts receivable 37,000 36,000 Investment in S Company 80,000 0 Plant and equipment 60,000 45,000 Land 18,000 12,000 Dividends declared 10,000 12,000 Inventory, 12/31 59,600 15,000 Cost of Sales and Expenses 50,000 30,000 Total debits 314,600 164,000 Liabilities 6,000 10,000 120,000 Common stock Retained earnings 80,000 30,000 55,000 120,000 Sales Dividend income 48,000 9,600 0 Total credits 314,600 164,000 UUU Any difference between book value and the value implied by the purchase price relates to Land You are required to: (a) Prepare the worlang paper entry on December 31, 2021, to establish reciprocity and convert to the equity method Answer: Debit Credit Investment account Retained eamings - P - (b) Prepare the working paper elimination entries on December 31, 2021, to eliminate the investment account Answer: Debit Credit Common stock Retained earnings Difference - implied and book values Noncontrolling interest Investment in S company mhor 21 2071 to eliminate the intercompany (c) Prepare the worlding paper elimination entries on December 31, 2021. to eliminate the intercompany dividends Answer Debit Credit Dividend income-P Dividend declared - S