1. From a consolidated point of view, when should profit be recognized on intercompany sales of depreciable assets? Nondepreciable assets? 2. In what circumstances might a consolidated gain be recognized on the sale of assets to a nonaffiliate when the selling affiliate recognizes a loss? 3. What is the essential procedural difference between workpaper eliminating entries for un-realized unrealized intercompany profit when the selling affiliate is a less than wholly owned subsidiary and such entries when the selling affiliate is the parent company or a wholly owned subsidiary? 4. Define the controlling interest in consolidated net income using the t-account approach. 5. Why is it important to distinguish between up-stream upstream and downstream sales in the analysis of intercompany profit eliminations