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 $ 92,000 128,000 183,000 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 Plug Products Debit Credit $ 152,000 235,000 279,000 270,844 168,000 40,000 $ 161,978 195,000 466,000 270, 222 51,644 $1,144,844 $1,144, 844 133,000 30,000 $ 51,778 79,000 215,000 220,222 $566,000 $566,000 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 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.) view transaction list Consolidation Worksheet Entries Record the basic consolidation entry, Note: Enter debits before credits. Entry Accounts Debit Credit 1 Common stock Retained earnings 79,000 215,000 51,644 Income from Spark Filter Company NCI in Nl of Spark Filter Investment in Spark Filter Company NCI in NA of Spark Filter Record entry Clear entry view consolidation entries 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.) view transaction list Consolidation Worksheet Entries Record the entry to reverse last year's deferral. Note: Enter debits before credits. Accounts Debit Credit Entry 2 Record entry Clear entry view consolidation entries view transaction list Consolidation Worksheet Entries Record the entry to defer the current year's unrealized profits on inventory transfers. Note: Enter debits before credits. Accounts Debit Credit Entry 3 Record entry Clear entry view consolidation entries 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