INTERCOMPANY TRANSACTIONS Straight Problem 1 (Intercompany Sale - Land) During 2015 Papa Piolo Company sold land with a cost of P150,000 to its 80% owned subsidiary, Sarah G 2.0 Company, for P200,000. The subsidiary sold the land in 2017 to an outsider for P280,000. The parent and the subsidiary reported net income as follows: Papa Piolo Sarah G 2.0 351,000 154,000 335,000 149,000 315,000 165,000 2015 2016 2017 The reported income of the parent company includes P51,000 of dividend income each year. Required: 1. Calculate Papa Piolo Company's investment income from Sarah G 2.0 Company in 2015, 2016, and 2017. 2. Elimination entries for 2015, 2016, and 2017 3. Determine non-controlling interest in the net income of the subsidiary in 2015, 2016 and 2017 4. Show the consolidated net income for 2015, 2016 & 2017. Allocate each to Controlling and non- controlling interests.