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: Cash and Accounts Receivable Inventory Buildings and 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 Credit Debit $ 155,000 Spark Filter Company Credit Debit $ 103,000 225,000 123,000 270,000 182,000 257,186 175,000 45,000 140,000 35,000 $ 154,910 186,000 $ 74,310 80,000 462,000 276,690 202,000 226,690 47,586 $ 1,127,186 $ 1,127,186 $ 583,000 $ 583,000 On January 1, 20X8, Plug's inventory contained filters purchased for $78,000 from Spark Filter, which had produced the filters for $58,000. In 20X8, Spark Filter spent $118,000 to produce additional filters, which it sold to Plug for $158,690. By December 31, 20X8, Plug had sold all filters that had been on hand January 1, 20X8, but continued to hold in inventory $47,607 of the 20X8 purchase from Spark Filter. Required: a. Prepare all consolidation entries needed to complete a consolidation worksheet for 20X8. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Answer is complete but not entirely correct. No Entry Accounts Debit Credit A 1 Common stock 80,000 Retained earnings 202,000 Income from Spark Filter Company 47,586 NCI in Net Income of Spark Filter Company 11,897 NCI in Net assets of Spark Filter Company Investment in Spark Filter Company 273,186 x 68,297 B 2 Investment in Spark Filter Company 16,000 NCI in Net assets of Spark Filter Company 4,000 Cost of goods sold 20,000 C 3 Sales Cost of goods sold Inventory 158,690 146,483 12,207 b. Compute consolidated net income and income assigned to the controlling interest in the 20X8 consolidated income statement. Answer is complete but not entirely correct. Consolidated net income $ 116,173 Income assigned to the controlling interest $ 104,276