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I need help in this question. Please do it correctly and 100%, i am stuck on this. 6 Plug Products owns 80 percent of the
I need help in this question. Please do it correctly and 100%, i am stuck on this.
6 Plug Products owns 80 percent of the stock of Spark 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 Spark Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: 5 points Spark Filter Company Debit Credit $ 98,800 118,00 185,000 Plug Products Debit Credit $ 160, see 224,eee 281,eee 279,789 165, eee 40,eee $ 163,547 185, eee 468, see 275,853 58, 189 $1,149,789 $1,149,789 Cash and Accounts Receivable Inventory Buildings & Equipment (net) Investment in Spark Filter Company Cost of Goods Sold Depreciation Expense Current Liabilities Common Stock Retained Earnings Sales Income from Spark Filter Company Total 130,00 30,899 $ 38,947 85,eee 212,080 225,053 $ 1,249,72 $561,899 $561,000 On January 1, 20X8, Plug's inventory contained filters purchased for $77,000 from Spark Filter, which had produced the filters for $57,000. In 20X8. Spark Filter spent $117,000 to produce additional filters, which it sold to Plug for $158,053. By December 31, 20X8. Plug had sold all filters that had been on hand January 1, 20X8. but continued to hold in inventory $47.416 of the 20X8 purchase from Spark Filter 6 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.) 5 points No Entry Debit Credit 1 85.000 Answer is complete but not entirely correct. Accounts Common stock Retained earnings Income from Spark Filter Company NCI in Nl of Spark Filter Investment in Spark Filter Company NCI in NA of Spark Filter 212.000 58.180 14,548 X 295.790 X 73.947 B 2 18.000 Investment in Spark Filter Company NCI in NA of Spark Filter Cost of goods sold ololo 4.000 20.000 3 158.053 Sales Cost of goods sold Inventory OOO 145,740 X 12,313 X b. Compute consolidated net income and income assigned to the controlling interest in the 20x8 consolidated income statement. Answer is complete but not entirely correct. Consolidated net income Income assigned to the controlling interest $ 142,793 $ 128,245 c. Compute the balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31, 20X8. Answer is complete but not entirely correct. Noncontrolling interest 69.948
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