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 Credit Debit Credit Debit Cash and Accounts Receivable $ 148,000 $ 95,000 Inventory 234,000 127,000 Buildings and Equipment (net) 272,000 198,000 Investment in Spark Filter Company 276,589 Cost of Goods Sold 173,000 138,000 Depreciation Expense 35,000 25,000 Current Liabilities $ 155,747 $ 61,947 Common Stock 198, 000 85,000 Retained Earnings 454,000 211,000 Sales 275,053 225,053 Income from Spark Filter Company 55,789 Total $ 1,138,589 $ 1,138,589 $ 583,000 $ 583,000 On January 1, 20X8, Plug's inventory contained filters purchased for $77,000 from Spark Filter, which had produced the filters for $57,000. In 20X8, Spark Filter spent $117,000 to produce additional filters, which it sold to Plug for $158,053. By December 31, 20X8, Plug had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $47,416 of the 20X8 purchase from Spark Filter. 4 Record the basic consolidation entry. Record the entry to reverse last year's deferral. Record the entry to defer the current year's unrealized /' profits on inventory transfers. 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