Paste Corporation owns 70 percent of Stick Corporation's voting common stock. On the date of acquisition, Stick's fair value equaled its book value.

• Paste has $500,000 of separate company net income for 20X2.This doesnotinclude any equity income from Stick.
• Stick has $300,000 of separate company net income.

Bothcompanies had a land sale with a $50,000 gain during year 20X2.The gain is included in the amounts starred above.

Part A.

Assume Paste's $50,000 gain is from a sale to an unrelated company.

Assume Stick's $50,000 gain was from asale to Paste.

1. What will be reported as consolidated net income on the 20X2 income statement?

2. What is 20X2 net income attributable tothenoncontrollinginterest?