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: Cash and Accounts Receivable Inventory Buildings and 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 Plug Products Credit Debit Spark Filter Company Credit Debit $ 105,000 $ 148,000 229,000 286,000 272,444 165,000 40,000 $ 1,140,444 $158,178 198,000 460,000 270,222 54,044 $ 1,140,444 113,000 186,000 130,000 30,000 $564,000 $ 50,778 85,000 208,000 220,222 $564,000 On January 1, 20X8, Plug's inventory contained filters purchased for $74,000 from Spark Filter, which had produced the filters for $54,000. In 20X8, Spark Filter spent $114,000 to produce additional filters, which it sold to Plug for $156,222, By December 31, 20X8. Plug had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $46,867 of the 20X8 purchase from Spark Filter. Required: a. Prepare all consolidation entries needed to complete a consolidation worksheet for 20X8. Record the entry to reverse last year's deferral. Note: Enter debits before credits. Entry 2 Accounts Investment in Spark Filter Company NCI in Net assets of Spark Filter Company Cost of goods sold Debit Credit Record the entry to defer the current year's unrealized profits on inventory transfers. Note: Enter debits before credits. Entry 3 Sales Cost of goods sold Inventory Accounts Debit Credit 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 Noncontrolling interest