E63 computations for downstream and upstream sales of land Sir Corporation is a 90 percent-owned subsidiary of Pit Corporation, acquired several years ago at book value equal to tair ralue. For 2011 and 2012, Pit and Sir report the following: The only intercompany transaction between Pit and Sir during 2011 and 2012 was the January 1, 2011, sale of land. The land had a book value of $20,000 and was sold intercompany for $30,000, its appraised value at the time of sale. 1. Assume that the land was sold by Pit to Sir and that Sir still owns the land at December 31, 2012. a Calculate controlling share of consolidated net income for 2011 and 2012. b Calculate noncontrolling interest share for 2011 and 2012. 2. Assume that the land was sold by Sir to Pit and Pit still holds the land at December 31, 2012. a Calculate controlling share of consolidated net income for 2011 and 2012. b Calculate noncontrolling interest share for 2011 and 2012