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Equity in Net Income and Noncontrolling Interest in Net Income with Intercompany Land Sales

Pike Shoes holds $80$ percent of the voting stock of Seebok Company, and uses the complete equity method to report its investment on its own books. In $2022.$ Pike sold land to Seebok at a gain of $$500,000.$ In $2023,$ Seebok sold land to Pike at a loss of $$200,000.$ In $2024,$ both parcels of land were sold to outside parties. Seebok's reported net income was $$2,400,000$ in $2022,$ $$2,650,000$ in $2023,$ and $$2,325,000$ in $2024.$ Pike's acquisition of Seebok resulted in these revaluations of Seebok's net assets: previously unreported indefinitelived identifiable intangibles of $$5,000,000$ and goodwill of $$45,000,000.$ During the period $2022-2024,$ there has been no goodwill impairment, but the identifiable intangibles were impaired by $$100,000$ in $2022$ and $$150,000$ in $2023.$

Required

Compute equity in net income, reported on Pike's books, and the noncontrolling interest in Seebok's net income, reported on the consolidated income statement, for each of the years $2022,2023,$ and $2024.$

Note: Use negative signs with answers that reduce net income amounts.

$\backslash$table$[[2022,,$Total,,Equity in NI$,$NGI in NI$],[,,,,,],[$Reported net income,$$,2,400,000,,1,920,000,$$$,480,000],[$Intangibles impairment,,$100,000,,0x,,0$

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