Saved P6-22 Eliminations for Upstream Sales LO 6-4 Plug Products owns 80 percent of the stock of Spark Filt At that date, the fair value of the equal to 20 balance data for the two companies as of December 31, 20X8, are as follows: er Company, which it acquired at underlying book value on August 30, 20X6 noncontrolling interest was equal to 20 percent of the book value of Spark Filter. Summarized trial Plug Products Debit Spark Filter Company Debitcredit 95,000 121,000 187,000 Cash and Accounts Receivable Inventory Buildings& Equipment (net) Investnent in Spark rilter Company259,079 Cost of Goods Sold Depreciation Expense Current Liabilities Common Stock Rean@d Earnings Sales Income from Spark Filter Company Total s 153,000o 221,000 285,000 174,000 50,000 139,000 40,000 s 176,958 197,000 462,000 268,642 s 66,358 79,000 218,000 218.642 $1,142,079 $1,142,079 $582,000 $582,000 On January 1, 20X8, Plug's inventory contained filters purchased for $73,000 from Spark Filter, which had produced the flters for $53,000. In 20X8, Spark Filter spent $113,000 to produce additional filters, which it sold to Plug for $155,642. By December 31, 20x8, Plug had sold all filters that had been on hand January 1, 20x8, but continued to hoid in inventory $46.692 of the 20x8 purchase from Spark Filter Required a. Prepare aconsolidation entries needed to complete a consolidation worksheet for 20x8or no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list transaction list Debit No b. Compute consolidated net income and income assigned to the controlling interest in the 20X8 c 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