6-22 (Static) Eliminations for Upstream Sales LO 6-4 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: Cash and Accounts Receivable Inventory Buildings and Equipment (net) Investment in Spark Filter Company Cost of Goods Sold Depreciation Expense Current Liabilities Common Stock Retained Earnings Sales Plug Products Debit Credit $ 145,000 Spark Filter Company Debit $ 90,000 Credit 220,000 110,000 270,000 268,000 175,000 30,000 180,000 140,000 20,000 $ 150,000 200,000 $ 30,000 90,000 472,000 220,000 Income from Spark Filter Company Total 250,000 36,000 $ 1,108,000 $ 1,108,000 $ 540,000 200,000 $ 540,000 On January 1, 20X8, Plug's inventory contained filters purchased for $60,000 from Spark Filter, which had produced the filters for $40,000. In 20X8, Spark Filter spent $100,000 to produce additional filters, which it sold to Plug for $150,000. By December 31, 20X8, Plug had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $45,000 of the 20X8 purchase from Spark Filter. Required: a. Prepare all consolidation entries needed to complete a consolidation worksheet for 20X8. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. view transaction list Consolidation Worksheet Entries A B C Record the basic consolidation entry. Note: Enter debits before credits. Entry 1 Accounts Debit Credit Record entry Clear entry view consolidation entries > b. Compute consolidated net income and income assigned to the controlling interest in the 20X8 consolidated income statement. Consolidated net income Income assigned to the controlling interest c. Compute the balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31, 20X8. Noncontrolling interest