Question 2 (34.5 marks) A-The income statement of Panama Corporation showed anet income of $3,500,000 for the year ended December 31, 2020, before recording any income from its 85% owned subsidiary: Salgado. The income statement of Salgadofor 2020 showeda net income of $700,000. During 2020, an Intercompany sale of a truck resulted in a gain of $35,000, and the truck was assumed to have a four-year remaining useful life with no residual value. The truck is depreciated on a Straight-line basis. Required: 1. Calculate Panama's consolidated net income for 2020, and controlling share of consolidated net income for 2020, assuming it was a downstream sale, 2. Calculate Panama's consolidated net income for 2020, and controlling share of consolidated net income for 2020, assuming it was anupstream sale 3. Comment on the results, to indicate the difference between downstream sale and