Clean Air Products owns 80 percent of the stock of Superior Filter Company, which it acquired at underlying book value on August 30,20X6. Summarized trial balance data for the two companies as of December \(31,20 \times 8\), are as follows:

On January 1, 20X8, the inventory held by Clean Air Products contained filters purchased for \(\$ 60,000\) from Superior Filter Company. Superior had produced the filters for \(\$ 40,000\). In 20X8, Superior Filter spent \(\$ 100,000\) to produce additional filters, which it sold to Clean Air for \(\$ 150,000\). By December 31, 20X8. Clean Air had sold all the filters that had been on hand January 1, 20X8, but continued to hold in inventory \(\$ 45,000\) of the \(20 \mathrm{X} 8\) purchase from Superior Filter.
\section*{Required}

a. Prepare all eliminating entries needed to complete a consolidation workpaper for \(20 \mathrm{X} 8\).

b. Compute consolidated net income for \(20 \times 8\).

c. Compute the balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31, 20X8.

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Clean Air Products Cash and Accounts Receivable Inventory $ 145.000 Superior Filter Company $ 90,000 220.000 110,000 Buildings and Equipment (net) 270,000 180,000 Investment in Superior Filter Stock 280.000 Cost of Goods Sold 175.000 140,000 Depreciation Expense 30,000 20,000 Current Liabilities $ 150,000 $ 30,000 Common Stock 200,000 90.000 Retained Earnings 488.000 220,000 Sales 250,000 200,000 Income from Subsidiary 32,000 Total $1,120,000 $1,120,000 $540,000 $540,000