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Plug Products owns 80 percent of the stock of Spark Filter Company, which it acquired at underlying book value on August 30, 20X6. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of Spark Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: Spark Filter Company Debit Credit $ 99,000 122,000 189,000 Cash and Accounts Receivable Inventory Buildings & Equipment (net) Investment in Spark Filter Company Cost of Goods Sold Depreciation Expense Current Liabilities Common Stock Retained Earnings Sales Income from Spark Filter Company Total Plug Products Debit Credit $ 162,000 240,000 286,000 276,386 173,000 30,000 $ 170,510 200,000 459,000 276,690 61,186 $1,167, 386 $1,167,386 138,000 20,000 $ 52,310 89,000 200,000 226,690 $568,000 $568,000 On January 1, 20X8, Plug's inventory contained filters purchased for $78,000 from Spark Filter, which had produced the filters for $58,000. In 20X8, Spark Filter spent $118,000 to produce additional filters, which it sold to Plug for $158,690. By December 31, 20X8, Plug had sold all filters that had been on hand January 1, 20x8, but continued to hold in inventory $47,607 of the 20x8 purchase from Spark Filter. Required: a. Prepare all consolidation entries needed to complete a consolidation worksheet for 20X8. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Compute consolidated net income and income assigned to the controlling interest in the 20x8 consolidated income statement. Answer is complete but not entirely correct. Consolidated net income Income assigned to the controlling interest $ 80,756 $ 72,658 c. Compute the balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31, 20X8. Answer is complete but not entirely correct. Noncontrolling interest $ 66,218

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