Ajax Corporation purchased at book value 70 percent of Beta Corporation's ownership and 90 percent of Cole Corporation's ownership in 20X5. At the dates the ownership was acquired, the fair value of the noncontrolling interest was equal to a proportionate share of book value. There are frequent intercompany transfers among the companies. Activity relevant to 20x8 follows: Production Cost Year Transfer Price $ 48,000 Unsold at End of Year $16,000 Year Sold 20x8 20X7 $42,000 20X7 96,000 108,000 27,000 20x8 20x8 Producer Beta Corporation Cole Corporation Ajax Corporation Beta Corporation Cole Corporation 33,000 Buyer Ajax Corporation Beta Corporation Beta Corporation Cole Corporation Ajax Corporation 53,000 10,600 20x9 20x8 99,000 108,000 18,000 20x9 20x8 45,000 63,000 21,000 20x9 For the year ended December 31, 20X8, Ajax reported $89,000 of income from its separate operations (excluding income from intercorporate investments), Beta reported net income of $48,500, and Cole reported net income of $33,000. Required: a. Compute the amount to be reported as consolidated net income for 20X8. (Do not round intermediate calculations.) Consolidated net income b. Compute the amount to be reported as inventory in the December 31, 20X8, consolidated balance sheet for the preceding items. (Do not round intermediate calculations.) Inventory c. Compute the amount to be reported as income assigned to noncontrolling shareholders in the 20X8 consolidated income statement. (Do not round intermediate calculations.) Income assigned to NCI