Loranne, Incorporated acquired 60% of Maria Company on january 1 2018. on that date Maria sold equipment to Loranna for $45,000. The equipment had a cost of $120,000 and accumulated depreciation of $66,000 with a remaining life of 9 years Maria reported net income of $300,000 and $325,000 for 2018 and 2019 respectively. Loranne uses the equity method to acount for its investment in Maria.

a. what is the gain or loss on equiment recognized by Maria on its internal accounting records for 2018?

b. What is the consolidated gain or loss on equipment for 2018?

c. assuming there are no excess amortizations or other intra-entity transactions, compute the income from Maria reported on Lorannes books for 2018.

d. assuming there are no excess amortizations or other intra-entity transactions, compute the income for Maria reported on Lorannes books for 2019

e. assuming there are no excess amortizations or other intra- entity transactions, compute the net income attributable to the noncontrolling interest of Maria for 2018