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E 6-3 Computations for downstream and upstream sales of land Son Company is a 90...

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E 6-3 Computations for downstream and upstream sales of land Son Company is a 90 percent-owned subsidiary of Pop Corporation, acquired several years ago at book value equal to fair value. For 2016 and 2017, Pop and Son report the following: 2016 2017 Pop's separate income (excludes income from Son) Son's Net Income $150,000 40,000 $200,000 30,000 The only intercompany transaction between Pop and Son during 2016 and 2017 was the January 1, 2016, sale of land. The land had a book value of $10,000 and was sold intercompany for $15,000, its appraised value at the time of sale. 1. Assume that the land was sold by Pop to Son and that Son still owns the land at December 31, 2017 a Calculate controlling share of consolidated net income for 2016 and 2017. b Calculate noncontrolling interest share for 2016 and 2017. 2. Assume that the land was sold by Son to Pop and Pop still holds the land at December 31, 2017. a Calculate controlling share of consolidated net income for 2016 and 2017 b Calculate noncontrolling interest share for 2016 and 2017

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