Merchandise and fixed asset sale . P Company owns an 80% controlling interest in Seafood Company. Seafood regularly sells merchandise to Pants which then sells to outside parties. The gross profit on all such sales is 40%. On January 1, 2015, Pants sells land and a building to Seafood Tax assessments divide the value ofthe parcel 20% to land and 75% to structures. Pertinent information for the companies is summarized as follows: Pants Seafood Internally generated net income, 2015 Internally generated net income, 2016. Intercompany merc Intercompany merc Intercompany inventory, December 31, 2015 Intercompany inventory, December 31, 2016 Costof real estate sold on January 1, 2015 Sale price for real estate on January 1, 2015 Depreciable life of buildin $520,000 $250,000 235,000 100,000 120,000 340,000 15,000 20,000 600,000 800,000 0 years Prepare income distribution schedules for 2015 and 2016 for Pants and Seafood as they would be prepared to distribute income to the noncontrolling and controlling interests in sup port of consolidated worksheets