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On January 1,2014, P Company purchased an 80% interest in S Company for $608,000, at...

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Accounting

On January 1,2014, P Company purchased an 80% interest in S Company for $608,000, at which
time S Company had retained earnings of $300,100 and common stock of $334,500. Any
difference between book value and the value implied by the purchase price was entirely
attributable to a patent with a remaining useful life of 10 years.
Assume that P and S Companies reported net incomes from their independent operations of
$205,600 and $99,200, respectively.
Calculate the controlling interest and noncontrolling interest in consolidated net income for the
year ended December 31,2014.
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