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 Com Debit pan Debit Credit Credit 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 $ 156,e0e 230,000 279,000 264,873 169,000 35,000 $106,000 123,000 188,e0e 134,000 25,000 $ 197,927 184,000 455,00e 255, 273 41,673 $ 71,727 81,000 218,000 205,273 $1,133,873 $1,133,873 $576,000 $576,880 : On January 1, 20X8, Plug's inventory contained filters purchased for $64,000 from Spark Filter, which had produced the filters for $44,000. In 20X8, Spark Filter spent $104,000 to produce additional filters, which it sold to Plug for $151,273. By December 31, 20X8. Plug had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $45,382 of the 20X8 purchase from Spark Filter Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits Entry Accounts Debit Credit Common stock Retained earnings ncome from Spark Filter Company NCI in NI of Spark Filter nvestment in Spark Filter Company NCI in NA of Spark Filter 81,000 218,000 41,673 54,928 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 ncontrolling interest Consolidation Worksheet Entries Record the entry to defer the current year's unrealized profits on inventory transfers. Note: Enter debits before credits. Accounts Debit Credit Entry 151,273 Sales Cost of goods sold Inventory 104,000 11,346