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 $ 162,000 $100,000 Cash and Accounts Receivable Inventory 230,000 117,000 Buildings & Equipment (net) 288,000 194,000 Investment in Spark Filter Company 238,790 Cost of Goods Sold 166,000 131,000 35,000 Depreciation Expense 45,000 Current Liabilities $ 209,132 Common Stock 181,000 Retained Earnings Sales $ 97,732 73,000 205,000 201, 268 456,000 251, 268 32,390 Income from Spark Filter Company Total $1,129,790 $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. No Accounts Debit Credit Entry 1 Common stock 73,000 Retained earnings 205,000 Income from Spark Filter Company 32,390 NCI in NI of Spark Filter 8,098 Investment in Spark Filter Company 254,790 NCI in NA of Spark Filter 63,698 Investment in Spark Filter Company 16,000 NCI in NA of Spark Filter 4,000 Cost of goods sold 20,000 150,268 Cost of goods sold 132,000 18,268 X Inventory A B C 2 3 Sales 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