Plug Products owns 80 percent of the stock of Spark Fiter 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: PIVO Product Debit PEDIE Can and to Receirable 153,000 39.000 Tv $20.000 126.000 Bollinge & tante 275.000 110.000 Investment in park Pilte Company 265,050 Coatst dood old 169.000 135.000 Depression Expense 30,000 20,000 Current Labsite $ 150,065 56,16 Come to 197.000 $5,000 Recated at 454.000 200.000 Shies 259.53 209,532 Incontres Spark Tulce Company Total 53,210.000 51,110,00 6553,000 5553,000 On January 1, 20X8 Plug's inventory contained filters purchased for $67.000 from Spark Filter, which had produced the filters for $47000. In 20XB, Spark Filter spent S107000 to produce additional filters, which it sold to Plug for $152.532 By December 31, 20x8 Plug had sold all filters that had been on hand January 120x8, but continued to hold in inventory 545.760 of the 20x8 purchase from Spark Filter Required: a Prepare all consolidation entries needed to complete a consolidation worksheet for 20X8.gif no entry is required for transaction/event, select "No journal entry required in the first account field) View transactions Consolidation Worksheet Entries Record the basic consolidation entry. On January 1, 20X8. Plug's inventory contained iters purchased for 567,000 from Spark Fiter which had produced the files for $42000. In 20XB, Spark Filter spent $107.000 to produce additional filters, which it sold to Plug for 5152,532. Bly December 31 20K Plug had sold all iters that had been on hand January 1, 20x8, but continued to hold in inventory 545,760 of the 20x8 purchase from Spark Filter Required: Prepare all consolidation entries needed to complete a consolidation worksheet for 20x8 or no entry is required for transaction/event, select "No journal entry required in the first account field) view transaction list Consolidation Worksheet Entries > Record the entry to reverse last year's deferral Notes Enter debit before credits Dobil Credit Entry 2 Account investment in Spark Fiter Company Nin NA of Spark Filter Cost of goods sold Record entry Clear entry view consolidation entre On January 1, 20XB, Plug's inventory contained filters purchased for 567,000 from Spark Fiter, which had produced the filters for $47000. In 20x8, Spark Filter spent $107.000 to produce additional filters, which is sold to Prug for $152,532. By December 31, 20x8, Plug had sold all filters that had been on hand January 1 20X8, but continued to hold in inventory S45760 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 e transaction/event, select "No journal entry required in the first account field.) w transaction Best Consolidation Worksheet Entries Record the entry to defer the current year's urreakzed profits on inventory transfers. Note: Enter debits before credits Accounts Debit Credit Entry 3 Sales Cost of goods sold Inventory Ricord entry da entry WWW comodation entre Con good old Inventory Record entry Clear entry view consolidation entre 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 Compute the balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31 20x8 Monog wat Plug Products owns 80 percent of the stock of Spark Fiter 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: PIVO Product Debit PEDIE Can and to Receirable 153,000 39.000 Tv $20.000 126.000 Bollinge & tante 275.000 110.000 Investment in park Pilte Company 265,050 Coatst dood old 169.000 135.000 Depression Expense 30,000 20,000 Current Labsite $ 150,065 56,16 Come to 197.000 $5,000 Recated at 454.000 200.000 Shies 259.53 209,532 Incontres Spark Tulce Company Total 53,210.000 51,110,00 6553,000 5553,000 On January 1, 20X8 Plug's inventory contained filters purchased for $67.000 from Spark Filter, which had produced the filters for $47000. In 20XB, Spark Filter spent S107000 to produce additional filters, which it sold to Plug for $152.532 By December 31, 20x8 Plug had sold all filters that had been on hand January 120x8, but continued to hold in inventory 545.760 of the 20x8 purchase from Spark Filter Required: a Prepare all consolidation entries needed to complete a consolidation worksheet for 20X8.gif no entry is required for transaction/event, select "No journal entry required in the first account field) View transactions Consolidation Worksheet Entries Record the basic consolidation entry. On January 1, 20X8. Plug's inventory contained iters purchased for 567,000 from Spark Fiter which had produced the files for $42000. In 20XB, Spark Filter spent $107.000 to produce additional filters, which it sold to Plug for 5152,532. Bly December 31 20K Plug had sold all iters that had been on hand January 1, 20x8, but continued to hold in inventory 545,760 of the 20x8 purchase from Spark Filter Required: Prepare all consolidation entries needed to complete a consolidation worksheet for 20x8 or no entry is required for transaction/event, select "No journal entry required in the first account field) view transaction list Consolidation Worksheet Entries > Record the entry to reverse last year's deferral Notes Enter debit before credits Dobil Credit Entry 2 Account investment in Spark Fiter Company Nin NA of Spark Filter Cost of goods sold Record entry Clear entry view consolidation entre On January 1, 20XB, Plug's inventory contained filters purchased for 567,000 from Spark Fiter, which had produced the filters for $47000. In 20x8, Spark Filter spent $107.000 to produce additional filters, which is sold to Prug for $152,532. By December 31, 20x8, Plug had sold all filters that had been on hand January 1 20X8, but continued to hold in inventory S45760 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 e transaction/event, select "No journal entry required in the first account field.) w transaction Best Consolidation Worksheet Entries Record the entry to defer the current year's urreakzed profits on inventory transfers. Note: Enter debits before credits Accounts Debit Credit Entry 3 Sales Cost of goods sold Inventory Ricord entry da entry WWW comodation entre Con good old Inventory Record entry Clear entry view consolidation entre 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 Compute the balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31 20x8 Monog wat