3. Determine the percent of noncontrolling interest ownership in S Company as of December 31, 2019.
Extracted text: Selected information from the separate and consolidated statements of financial position and statements of comprehensive income of P Company. and its subsidiary, S Company., as of December 31, 2019, and for the year then ended is as follows: P Company S Company Consolidated Statement of financial position accounts Accounts receivable . Inventory.. Investment in S Co.. Goodwil. Noncontrolling interes.. Stockholders' equity. P 26,000 30,000 P19.000 25,000 P 42,000 50,000 67,000 30,000 10,000 154,000 154,000 50,000 Statement of comprehensive income accounts P200.000 150,000 50.000 Revenues. P140,000 110,000 30,000 P300,000 Cost of goods sold. Gross profit .. 225,000 75,000 Equity in eamings of S Co. Net income. P9.000 P36,000 P20,000 P36,000 Additional information During 2019. P Company sold goods to S Company at the same markup on cost that P Co uses for all sales. At December 31, 2019, S Co had not paid for all of these goods and still held 50% of them in inventory. P Company acquired its interest in S Company five years earlier (as of December 31, 2019)