On January 1, 2009, Black Corporation sold equipment to its 80-percent-owned subsidiary, Levant Company, for $420,000. T

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On January 1, 2009, Black Corporation sold equipment to its
80-percent-owned subsidiary, Levant Company, for $420,000. The
equipment originally was purchased at the beginning of 2006 for
$960,000. Levant continued to depreciate the equipment, with an
original 5 year useful life, on a straight-line basis over its
remaining 2-year life. The equipment's residual value is considered
negligible. On July 7, 2009, Levant sold idle land to its parent
for $240,000. The land's carrying amount on Levant's books was
$180,000. During 2010, Black sold the land to an unaffiliated buyer
at a $70,000 gain. Black reported income from its separate
operations for 2009 and 2010 of $1,400,000 and $1,720,000,
respectively. Levant reported net income for 2009 and 2010 of
$1,220,000 and $1,140,000, respectively Required: Compute the
following items and show all your work.
a. Unrealized gain immediately after the intercompany equipment
sale.
b. Partial realization on the gain of equipment at the end of
2009
c. Unrealized gain from the intercompany land sale in 2009.
d. Consolidated Net Income in 2009
e. Income assigned to Non-Controlling Interest in 2009
f. Income assigned to Controlling Interest in 2009