Master Corporation acquired 70 percent of Crown Corporation's voting stock on January 1, 20X2, for $416,500. The fair value of the noncontrolling interest was $178,500 at the date of acquisition. Crown reported common stock outstanding of $200,000 and retained earnings of $350,000. The differential is assigned to buildings with an expected life of 15 years at the date of acquisition.
On December 31, 20X4, Master had $25,000 of unrealized profits on its books from inventory sales to Crown, and Crown had $40,000 of unrealized profit on its books from inventory sales to Master. All inventory held at December 31, 20X4, was sold during 20X5.
On December 31, 20X5, Master had $14,000 of unrealized profit on its books from inventory sales to Crown, and Crown had unrealized profit on its books of $55,000 from inventory sales to Master.
Master reported income from its separate operations (excluding income on its investment in Crown and amortization of purchase differential) of $118,000 in 20X5, and Crown reported net income of $65,000.

Required
Compute consolidated net income and income assigned to the controlling interest in the 20X5 consolidated income statement.