Since this date the following events have occurred:Year $3$ Y Co$.$ reported a net income of $$177,000$ and paid dividends of $$45,000.$ On July $3,$ X Co$.$ sold land to Y Co$.$ for $$152,000.$ This land was carried in the records of X Co$.$ at $$95,000$ On December $31,$ Year $3,$ the inventory of X Co$.$ contained an intercompany profit of $$50,000.$ X Co$.$ reported a net income of $$600,000$ from its own operations.Year $4$ Y Co$.$ reported a net loss of $$36,000$ and paid dividends of $$8,000.$ Y Co$.$ sold the land that it purchased from X Co$.$ to an unrelated company for $$177,000.$ On December $31,$ Year $4,$ the inventory of Y Co$.$ contained an intercompany profit of $$32,000.$ X Co$.$ reported a net income from its own operations of $$92\mathrm{.}000$Required:Assume a $40\%$ tax rate.