Plum Inc. acquired 80% of Sugar Inc.'s outstanding common stock for $160,000 on January 1, 2020, when the book value of Sugar's net assets equaled $200,000. Plum uses the equity method for its investment in Snoop. Select data from the consolidation worksheet for Plum and Sugar as of December 31, 2020, are as follows: Plum Inc. Sugar Inc, INCOME STATEMENT Depreciation Expense 20,000 10,000 Income from Sugar Inc. 40,000 Net Income 200,000 50,000 STATEMENT OF RETAINED EARNINGS Beginning Balance 120,000 70,000 Net Income 200,000 50,000 Less: Dividends Declared (50,000) (20,000) Ending Balance 270,000 100,000 BALANCE SHEET Investment in Sugar Inc. 184,000 Buildings & Equipment 380,000 Less: Accumulated Depreciation (240,000) 140,000 (30,000) Bonds Payable 100,000 50,000 Common Stock 250,000 130,000 Retained Earnings 270,000 100,000 Identify the following statements that are TRUE regarding the Basic Consolidation Identify the following statements that are TRUE regarding the Basic Consolidation Entry needed in the 2020 consolidation worksheet to consolidate Plum and Sugar. The Basic Consolidation Entry includes a: credit to Investment in Sugar Inc. of $184,000. debit to NCI in Net Income of Sugar Inc. of $10,000. debit to Common Stock for $250,000. credit to NCI in Net Assets of Sugar Inc. of $46,000. debit to Retained Earnings of $70,000. redit to Dividends Declared of $50,000. debit to Income from Sugar Inc. of $40,000