lug 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:

		Plug Products								Spark Filter Company
	Debit				Credit				Debit					Credit
Cash and Accounts Receivable		$	156,000							$	95,000
Inventory			235,000								129,000
Buildings & Equipment (net)			275,000								198,000
Investment in Spark Filter Company			254,523
Cost of Goods Sold			168,000								133,000
Depreciation Expense			40,000								30,000
Current Liabilities						$	163,523							$	90,923
Common Stock							190,000								72,000
Retained Earnings							459,000								205,000
Sales							267,077								217,077
Income from Spark Filter Company							48,923
Total		$	1,128,523			$	1,128,523			$	585,000			$	585,000

On January 1, 20X8, Plug's inventory contained filters purchased for $72,000 from Spark Filter, which had produced the filters for $52,000. In 20X8, Spark Filter spent $112,000 to produce additional filters, which it sold to Plug for $155,077. By December 31, 20X8, Plug had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $46,523 of the 20X8 purchase from Spark Filter.

a. Prepare all consolidation entries needed to complete a consolidation worksheet for 20X8

b. Compute consolidated net income and income assigned to the controlling interest in the 20X8 consolidated income statement.

c. Compute the balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31, 20X8.