E7-13 Consolidated Net Income Computation LO 7-2 Progeny Corporation owns 75 percent of Spawn Corporation's voting common stock. Progeny reported income from its separate operations of $90,000 and 5110,000 in 2024 and 2085, respectively. Spawn reported net income of $60,000 and $40,000 in 2084 and 2035, respectively. Required a. Compute consolidated net income and the income assigned to the controlling interest for 20X4 and 20x5 if Progeny sold land with a book value of 595,000 to Spawn for $120,000 on June 30, 20X4. b. Compute consolidated net income and the amount of income assigned to the controlling interest in the consolidated statements for 20x4 and 2013 Spawa sold land with a book value of $95,000 to Progeny for $120,000 on June 30, 20X4. E7-14 Consolidation Entries for Intercompany Transfers w ? a P hp brt se 9 8