Clean Air Products owns 80 percent of the stock of Superior 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 Superior Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows Clean Air Products Superior Filter Company Debit $ 164,000 221,000 279,000 254,400 173,000 40,000 Credit Credit Debit $ 101,000 115,000 193,000 Cash and Accounts Receivable Inventory Buildings & Equipment (net) Investment in Superior Filter Stock Cost of Goods Sold Depreciation Expense Current Liabilities Common Stock Retained Earnings Sales Income from Subsidiarv 138,000 30,000 $ 178,600 180,000 468,000 264,000 40,800 $ 76,000 74,000 213,000 214,000 Total $1,131,400 $ 1,131,400 577,000 $577,000 On January 1, 20X8, Clean Air's inventory contained filters purchased for $67,000 from Superior Filter which had produced the filters for $47,000. In 20X8, Superior Filter spent $107,000 to produce additional filters, which it sold to Clean Air for $157,000. By December 31, 20X8, Clean Air had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $47,100 of the 20X8 purchase from Superior 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.) view transaction list Consolidation Worksheet Entries 2 Record the basic consolidation entry Note: Enter debits before credits Note: Enter debits before credits. Entry Accounts Debit Credit Common stock 74,000 213,000 Retained earnings ncome from Superior Filter NCI in NI of Superior Filter nvestment in Superior Filter NCI in NA of Superior Filter Record entry Clear entry view consolidation entries 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 o bagneogreaf December 31, 20X8. Noncontrolling interest