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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

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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 o December 31 20x8, are as follows Superior Filter Company Clean Air Products Debit $ 158,000 235,000 279,000 250,400 174,000 35,000 Credit Debit S 109,000 117,000 184,000 re 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 Subsidiary 139,000 25,000 200,000 191,000 454,000 252,000 $ 82,000 75,000 0 Total $1.131.4001.131.400 S 574,000 S 574,000 On January 1, 20X8, Clean Airs inventory contained filters purchased for $61,000 from Superior Filter. which had produced the filters for $41,000. In 20X8, Superior Filter spent $101,000 to produce additional filters, which it sold to Clean Air for $151,000. By December 31, 20X8, Clean Air had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $45,300 of the 20X8 purchase from Superior Filter Required: Prepare all consolidation entries needed to complete a consolidation worksheet for 20X8. (If no entry required for a transaction/event, select "No journal entry required" in the first account field.) 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 Record the basic consolidation entry Note: Enter debits before credits. DebitCredit Accounts Entry view consolidation entries Clear entry Record entry 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 . Compute the balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31, 20X8. Noncontrolling interest

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