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: Year 20x7 Producer Beta Corporation 20x7 Cole Corporation Production Cost $30,000 66,000 20x8 Ajax Corporation 21,000 Buyer Ajax Corporation Beta Corporation Beta Corporation Transfer Price Unsold at End of Year Year Sold $36,000 $12,000 20x8 78,000 19,500 20x8 41,000 8,200 20x9 20x8 Beta Corporation 69,000 Cole Corporation 78,000 13,000 20x9 20x8 Cole Corporation 33,000 Ajax Corporation 51,000 17,000 20x9 For the year ended December 31, 20X8, Ajax reported $98,000 of income from its separate operations (excluding income from intercorporate investments), Beta reported net income of $54,500, and Cole reported net income of $21,000. Required: a. Compute the amount to be reported as consolidated net income for 20X8. (Do not round intermediate calculations.) Consolidated net income $ 166,000 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.)