Required: a. Prepare all consolidation entries needed to complete a consolidation worksheet for 20X8.
-Record the basic consolidation entry
-Record the entry to reverse last year's deferral
- Record the entry to defer the current year's unrealized profits on inventory transfers
b. Compute consolidated net income and income assigned to the controlling interest in the 20X8 consolidated income statement.
c. Compute the balance assigned to the noncontrolling interest in the consolidated balance sheet as of December 31, 20X8.