. Straight Problem 2 (Intercompany Sale - Land) During 2015 Sarah G 2.0 Company sold land with a cost of P150,000 to its parent Papa Piolo for P200,000 The parent sold the land in 2017 to an outsider for P280,000. The parent interest in subsidiary is 80% The parent and the subsidiary reported net income as follows: Papa Piolo Sarah G 2.0 2015 351,000 154,000 2016 335,000 149,000 2017 315,000 165,000 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