Show Solutions in Good Accounting Form. Problem 1. Flowers Co. acquired 70% interest in Sabsabong Co. in 2017. For the year ended December 31, 2018 and 2019, Sabsabong Co. reported a net income of P160,000 and P180,000, respectively and Flowers Co. reported a net income of P430,000 and P550,000, respectively. During 2018, Sabsabong Co. sold merchandise to Flowers Co. for P20,000 at a profit of P4,000. The said merchandise was sold by Flowers Co. to outsider for P30,000 during 2019. Requirements: 5 points each 1. Compute the NCINIS for 2018. 2. Compute the NCINIS for 2019. 3. Assuming the sale of inventory was a downstream sale, and the inventory was sold to outside parties in the year of sale, Compute the NCINIS for 2018. 4. Assuming the sale of inventory was an downstream sale, and the inventory was sold to outside parties following the year of sale, Compute the NCINIS for 2019