Power Company owns an 70% controlling interest in the Shelton Company. Shelton regularly sells merchandise to Power, which then sells to outside parties. The gross profit on these sales is the same as sales to outside parties. On January 1, 20X4, Power sold land and a building to Shelton. Twenty percent of the price of the real estate was allocated to land and the remaining amount to structures. Additional information for the companies for 20X4 is summarized as follows: 
Prepare income distribution schedules for 20X4 for Power and Shelton as they would be prepared to distribute income to the noncontrolling and controlling interests in support of consolidated worksheets.
Definitions:
Planning Budget
A financial plan that estimates income and expenditure for a future period.
Cost Drivers
Factors that cause the cost of an activity to increase or decrease, influencing the total cost.
Planning Budget
A budget prepared for a specific level of activity that may be adjusted for various activity levels.
Vocational School
An educational institution that provides practical and skills-based training aimed at preparing students for specific trades, professions, or careers.
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