Cantrolling Interest in Income LOO On January 1, 2014, Polar Com y, which owns an 80% interest in Superior Company, sold Superior Company eqaipment with a book value of $400,000 for $560,000. The equipment had an estimated remaining useful life of eight years on the date of the intercompany sale EXERCISE 7-2 Polar Companry reported net income from its independent operations (incluading sales to affiliates) of $400,000. and Superior Company rported net income of $200,000 from its independent operations in 2014 and 2015. Required: Calculate the congnrest in consolidated net income for the years ended December 31, 2014, and December 31, 2015. EXERCISE 7-4 Entries-Intercompany Sale of Land LO6 Procter Company owns 90% of the outstanding stock of Silex Company On January 1, 2014, Silex Company sold land to Procter Company kr S350, XO. Silex had originally purchased the land on June 30, 2010, for S200000, Procter Company plans to construct a building on the land bought from Silex in which it will house new production machinery. The estimated useful life of the building and the new machinery is 15 years Required: A. Prepare the entries on the books of Procter related to the intercompany sale of land for the years ended December 31, 2014, and December 31, 2015. B. Prepare in general journal form the workpaper entries necessary because of the intercompany sale of land in (1) The consolidated financial statements workpaper for the year ended December 31,2014 (2) The consolidated financial statements workpaper for the year ended December 31, 2015