4) Sub Corporation, a 70%-owned subsidiary of Parent Corporation, sold inventory items to its parent at a $48,000 profit in 2012. Parent had 2/3 of this inventory on hand at year end. Sub reported net income of $250,000 for 2012. Compute the Non-controlling interest share of consolidated net income that will appear in the income statement for 2012:

5) Parent Enterprises owns 90% of the outstanding voting stock of Sub, which was purchased at a cost equal to 90% of the book value of Sub's net assets many years ago. (At the time of purchase, the fair value and book value of Sub's net assets were equal.) Parent purchases merchandise from Sub at 110% above Sub's cost. In 2012, intercompany sales from Sub to Parent amounted to $400,000. Unrealized profits in Parent's December 31, 2011 inventory and December 31, 2012 inventory were $80,000 and $30,000, respectively. Sub reported net income of $750,000 for 2012.

Required:

1. Determine Parent's income from Sub for 2012 .