Date Saved: December 3, 2019 Time Saved: 8:31 PM Section 5 (20 marks) Petra Company acquired 80% of Sigma Company's outstanding common stock for $240,000 on January 1, 2018, when the book value of Sigma's net assets was equal to $300,000. Petra uses the equity method to account for investments. Trial balance data for Petra and Sigma as of December 31, 2018, are as follows: Sigma Company Credit Petra CompanyY Debit Debit Credit $70,000 Cash $350,000 84,000 Accounts Receivable 210,000 112,000 Notes Receivable 371,000 Investment in Sigma Stock 296,000 314,000 Buildings and Equipment 500,000 $70,000 $350,000 Accumulated Depreciation 56,000 65,000 Accounts Payable 84,000 150,000 Notes Payable 140,000 430,000 Common Stock 160,000 390,000 Retained Earnings 100,000 70,000 Dividends Declared 420,000 1,300,000 Sales 112,000 Income from Sigma 650,000 140,000 Cost of Goods Sold 70,000 28,000 Depreciation Expense 250,000 112,000 Other Expenses $2,797.000 $2,797.000 $930,000 $930.000 Total Required: Use the space provided on page 17 to: a. Prepare the eliminating entries needed on December 31, 2018, to prepare consolidated financial statements. The optional eliminating entry is not required. b. Calculate the amount of controlling and noncontrolling interest on December 31, 2018, as reported in the consolidated income statement. c. Calculate the amount of consolidated retained earnings on December 31, 2018. Page 16 of 18 Salbs. lio coos