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 Debit Credit Debit $100,000 117,000 194,000 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 S 162,000 230,000 288,000 238,790 166,000 45,000 131,000 35,000 $ 209,132 181,000 456,000 251, 268 32,390 $1,129,790 97,732 73,000 205,000 201,268 $1,129,790 $577,000 $577,000 On January 1, 20X8, Plug's inventory contained filters purchased for $61,000 from Spark Filter, which had produced the filters for $41,000. In 20X8, Spark Filter spent $101,000 to produce additional filters, which it sold to Plug for $150,268. By December 31, 20X8 Plug had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $45,080 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.) Answer is complete but not entirely correct. Entry Debit 73,000 205,000 32,390 8098 No Accounts Credit 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 254,790 63,698 16,000 Investment in Spark Filter Company NCI in NA of Spark Filter 4,000 Cost of goods sold 20,000 Sales 150.268 Cost of goods sold Inventory 132,000 18,268 b. Compute consolidated net income and income assigned to the controlling interest in the 20X8 consolidated income statement. Answer is not complete. Consolidated net income $ 79,616 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. Noncontrolling interest