For the next two questions, C Company owns 80 percent of the stock of S Company, which it acquired at 80% of 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 S Company. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows:

a. The income assigned to the noncontrolling interest for 20X8 is:

answer: $15,750

b. The balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31, 20X8 is

answer: $117,600

ny S Company Credit Debit Credit Debit Cash and Receivables $156,000 237,000 Inventorv 115,000 198,000 net 282,000 Investment in S 268,800 Cost of Goods Sold 173,000 138,000 40,000 50,000 Current Liabilities 179,800 Common Stock 187,000 76,000 215,000 238,000 Retained Earnings 460,000 238,000 Sales Income from Subsidiary Total 52,000 $1,166,000 $1,166,000 $584.000 $584,000 During 20X8, S spent S119,000 to produce additional items, which it sold to C for $169,000. By December 31,20x8, C continued to hold in inventory $50,700 of the 20X8 purchase from S