Please follow the instruction in the attach file. Format is available. Thank you

1. P Corporation acquired 80% of the outstanding voting stock of S Corporation when the fair values equaled the book values. On July 1, 2013, P sold land to S for $300,000. The land originally cost P $200,000. S recently resold the land on October 30, 2014 for $350,000. On October 1, 2014, S Corporation sold equipment to P Corporation for $80,000. S originally paid $100,000 for this equipment and had accumulated depreciation of $40,000 thus far. The equipment has a five-year remaining life. Required: A. Complete the consolidated income statement for P Corporation and subsidiary for the year ended December 31, 2014. P Sales Dividend Income from S Gain on Sale of Equipment Gain on Sale of Land Cost of Sales Depreciation Expense Other Expenses Non controlling Interest in Income Net Income S 1,200,000 80,000 600,000 (800,000) (160,000) (200,000) Noncontrolling Interest Consolidated Balances 20,000 50,000 (300,000) (80,000) (160,000) 120,000 Elimination Entries Dr. Cr. 130,000 2. P Company bought 60% of the common stock of S Company on January 1, 2014. On January 1, 2014 there was an intercompany sale of equipment at a gain of $63,000. The equipment had an estimated remaining life of six years. Net incomes of the two companies from their own operations (including sales to affiliates) were as follows: 2014 2015 P Company $280,000 $210,000 S Company 70,000 105,000 A. If S Company sold the equipment to P Company, fill in the following matrix: 2014 2015 Non controlling interest in consolidated net income Controlling Interest in Consolidated net income B. If P Company sold the equipment to S Company, fill in the following matrix: 2014 2015 Non controlling interest in consolidated net income Controlling interest in consolidated net income