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 $ 156,000 $ 94,000 Inventory 226,000 121,000 Buildings & Equipment (net) 281,000 200,000 Investment in Spark Filter Company 250,776 Cost of Goods Sold 174,000 139,000 Depreciation Expense 50,000 40,000 Current Liabilities $ 189,471 $ 88,471 Common Stock 182,000 87,000 Retained Earnings 466,000 203,000 Sales 265,529 215,529 Income from Spark Filter Company 34,776 Total $ 1,137,776 $ 1,137,776 $ 594,000 $ 594,000 On January 1, 20X8, Plug's inventory contained filters purchased for $71,000 from Spark Filter, which had produced the filters for $51,000. In 20X8, Spark Filter spent $111,000 to produce additional filters, which it sold to Plug for $154,529. By December 31, 20X8, Plug had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $46,359 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. c. Compute the balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31, 20X8.

Complete Parts A-C please provide explanation

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: Spark Filter Company Debit Credit $ 94,000 121,000 200,000 Plug Products Debit Credit $ 156,000 226,000 281,000 250,776 174,000 50,000 $ 189,471 182,000 466,000 265,529 34,776 $1,137,776 $1,137,776 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 139,000 40,000 $ 88,471 87,000 203,000 215,529 $594,000 $ 594,000 On January 1, 20X8, Plug's inventory contained filters purchased for $71,000 from Spark Filter, which had produced the filters for $51,000. In 20x8, Spark Filter spent $111,000 to produce additional filters, which it sold to Plug for $154,529. By December 31, 20X8, Plug had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $46,359 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.) Consolidation Worksheet Entries Record the entry to defer the current year's unrealized profits on inventory transfers. Note: Enter debits before credits. Entry Accounts Debit Credit 3 Record entry Clear entry view consolidation entries 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: Spark Filter Company Debit Credit $ 94,000 121,000 200,000 Plug Products Debit Credit $ 156,000 226,000 281,000 250,776 174,000 50,000 $ 189,471 182,000 466,000 265,529 34,776 $1,137,776 $1,137,776 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 139,000 40,000 $ 88,471 87,000 203,000 215,529 $594,000 $ 594,000 On January 1, 20X8, Plug's inventory contained filters purchased for $71,000 from Spark Filter, which had produced the filters for $51,000. In 20x8, Spark Filter spent $111,000 to produce additional filters, which it sold to Plug for $154,529. By December 31, 20X8, Plug had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $46,359 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.) Consolidation Worksheet Entries Record the entry to defer the current year's unrealized profits on inventory transfers. Note: Enter debits before credits. Entry Accounts Debit Credit 3 Record entry Clear entry view consolidation entries