Platinum Corporation acquired 11,200 shares of the common stock and 500 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	$	44,000			Accounts Payable	$	161,000
Accounts Receivable		76,000			Bonds Payable		98,000
Inventory		128,000			Preferred Stock		125,000
Buildings & Equipment		618,000			Common Stock		160,000
Less: Accumulated Depreciation		(136,000	)		Retained Earnings		186,000
Total Assets	$	730,000			Total Liabilities & Equities	$	730,000

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 $51,000 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 first account field.)

b. Assuming that Platinum reported income from its separate operations of $90,000 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.