Use the following information for problems 7 (Based on exercise 6-3) Computations for downstream and upstream sales of land Sub Corporation is a 80 percent-owned subsidiary of Parent Corporation, acquired several years ago at book value equal to fair value. For 2011 and 2012 , Parent and Sub report the following: The only intercompany transaction between Parent and Sub during 2011 and 2012 was the January 1, 2011, sale of land. The land had a book value of $40,000 and was sold inter company for $60,000, its appralsed value at the time of sale. Problem #7: 1. Assume that the land was sold by Parent to Sub and that Sub still owns the land at December 31,2012. a Catculate controlling share of consolidated net income for 2011 and 2012. b Calcutate non-controlling interest share for 2011 and 2012. Problem #8: 1. Assume that the land was sold by Sub to Parent and that Parent still owns the land at December 31,2012. a Calculate controlling share of consolidated net income for 2011 and 2012. b Calculate non-controlling interest share for 2011 and 2012