E7 - 22 Intercompany Sale of Services I LO 1-1 7-2 Plastic Corporation purchased management consulting servies from its 75 percent-owned subsidiary, Spoon Inc. During 20133, Plastic paid Spoon $123 200 for its services. For the year 20X4, Spoon billed Plastic $138,700 for such services and collected all but $6,600 by year-end. Spoon's labor cost and other associated costs for the employees providing services to Plastic totaled 591,000 in 20X3 and S112,000 in 20X4. Plastic reported $2, 342,000 of income from its own separate operations for 20X4, and Spoon reported net income of $631,000. Required 7. Present all consolidation entries related to the intercompany sale of services that would be needed in the consolidation worksheet used to prepare a complete set of consolidated fnancial statements for 2014 3. Compute consolidated net income for 20x4 and the amount of income assigned to the controlling interest. E7 - 22 Intercompany Sale of Services I LO 1-1 7-2 Plastic Corporation purchased management consulting servies from its 75 percent-owned subsidiary, Spoon Inc. During 20133, Plastic paid Spoon $123 200 for its services. For the year 20X4, Spoon billed Plastic $138,700 for such services and collected all but $6,600 by year-end. Spoon's labor cost and other associated costs for the employees providing services to Plastic totaled 591,000 in 20X3 and S112,000 in 20X4. Plastic reported $2, 342,000 of income from its own separate operations for 20X4, and Spoon reported net income of $631,000. Required 7. Present all consolidation entries related to the intercompany sale of services that would be needed in the consolidation worksheet used to prepare a complete set of consolidated fnancial statements for 2014 3. Compute consolidated net income for 20x4 and the amount of income assigned to the controlling interest