Peninsula Company owns an 80% controlling interest in Sandbar Company. Sandbar regularly sells merchandise to Peninsula, which then sells to outside parties. The gross profit on all such sales is 40%. On January 1, 2011, Peninsula sells land and a building to Sandbar. Tax assessments divide the value of the parcel 20% to land and 75% to structures. Pertinent information for the companies is summarized as follows:

Prepare income distribution schedules for 2011 and 2012 for Peninsula and Sandbar as they would be prepared to distribute income to the noncontrolling and controlling interests in support of consolidated worksheets.

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Peninsula Sandbar $520,000 $250,000 235,000 100,000 120,000 Internally generated net income, 2011 Internally generated net income, 2012.. Intercompany merchandise sales, 2011 . Intercompany merchandise sales, 2012 Intercompany inventory, December 31,201. Intercompany inventory, December 31, 2012 Cost of real estate sold on January 1, 2011 Sale price for real estate on January 1, 2011 Depreciable life of building 340,000 15,000 20,000 600,000 800,000 20 years