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Upstream and Downstream Sales LO 2 LO 5 Pace Company owns 85% of the outstanding common stock of Sand Company and all the outstanding common stock of Star Company. During 2020 , the affiliates engaged in intercompany sales as follows: The following amounts of intercompany profits were included in the December 31,2019 , and December 31,2020 , inventories of the individual companies: Income from each company's independent operations (including sales to affiliates) for the year ended December 31,2020 , is presented here: Required: A. Prepare in general journal form the workpaper entries necessary to eliminate intercompany sales and intercompany profit in the December 31,2020 , consolidated financial statements workpaper. B. Calculate the balance to be reported in the consolidated income statement for the following line items: Consolidated income Noncontrolling interest in consolidated income Controlling interest in consolidated income