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:

		Plug Products								Spark Filter Company
	Debit				Credit				Debit					Credit
Cash and Accounts Receivable		$	150,000							$	91,000
Inventory			221,000								129,000
Buildings & Equipment (net)			272,000								197,000
Investment in Spark Filter Company			277,790
Cost of Goods Sold			174,000								139,000
Depreciation Expense			40,000								30,000
Current Liabilities						$	148,661							$	57,661
Common Stock							194,000								87,000
Retained Earnings							460,000								213,000
Sales							278,339								228,339
Income from Spark Filter Company							53,790
Total		$	1,134,790			$	1,134,790			$	586,000			$	586,000

On January 1, 20X8, Plug's inventory contained filters purchased for $79,000 from Spark Filter, which had produced the filters for $59,000. In 20X8, Spark Filter spent $119,000 to produce additional filters, which it sold to Plug for $159,339. By December 31, 20X8, Plug had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $47,802 of the 20X8 purchase from Spark Filter. 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.) b. Compute consolidated net income and income assigned to the controlling interest in the 20X8 consolidated income statement.

Consolidated Net Income:

Income Assigned to the Controlling Interest: c. Compute the balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31, 20X8.

Non-controlling Interest:

Entry Accounts Debit Credit A 1 Common stock Retained earnings Income from Spark Filter Company NCI in NI of Spark Filter Investment in Spark Filter Company NCI in NA of Spark Filter Investment in Spark Filter Company 2 NCI in NA of Spark Filter Cost of goods sold C 3 Sales Cost of goods sold Inventory No