Playoff Corporation acquired 80 percent ownership of Squire Corporation on January 1, 2019, for $200,000. At that date, Squire reported common stock outstanding of $75,000 and retained earnings of $150,000. The fair value of the noncontrolling interest was $50,000. The differential is assigned to equipment, which had a fair value $25,000 greater than book value and a remaining economic life of five years at the date of the business combination. Squire reported net income of $40,000 and paid dividends of $20,000 in 2019. Part 1 Provide the journal entries recorded by Playoff during 2019 on its books if it accounts for its investment in Squire using the equity method. Part 2 Prepare the eliminating entries needed at December 31, 2019, to generate consolidated financial statements. Part 3 What should be the balance of Non-controlling Interest in Net Assets as of December 31, 2019 on the Consolidated Balance Sheet