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Platinum Corporation acquired 12,600 shares of the common stock and 800 shares of the 8 percent preferred stock of Silver Company on December 31. 20x4, at the book value of the underlying stock interests. At that date, the fair value of the noncontrolling interest in Silver's common stock was equal to 30 percent of the book value of its common stock interest. Silver reported the following balance sheet amounts on January 1, 20x5: Cash $ 41.000 Accounts Payable $ 86.000 Accounts Receivable 83.000 Bonds Payable 88,000 Inventory 139,000 Preferred Stock 200.000 Buildings & Equipment 614.000 Common Stock 180,000 Less: Accumulated Depreciation (142.000) Retained Earnings 181,000 Total Assets $ 735.000 Total Liabilities & Equities $735,000 Silver's preferred stock is $100 par value, and its common stock is $10 par value. The preferred dividends are cumulative and are two years in arrears on January 1, 20x5. Silver reports net income of $40,000 for 20x5 and pays no dividends. Required: a. Present the worksheet consolidation entry needed to prepare a consolidated balance sheet on January 1, 20x5. (If no entry is required for a transaction/event, select "No journal entry required" in the rst account eld.) b. Assuming that Platinum reported income from its separate operations of $84,000 in 20x5, compute the amount of consolidated net income and the amount of income to be assigned to the controlling shareholders in the 20X5 consolidated income statement. Consolidated net income Income to controlling interest