Proper Company purchased the outstanding common stock of Silly Company in increments as follows:

January 1, 2008, Purchased 15%

June 1, 2008, Additional 20%

August 1, 2008, Additional 30%

September 30, 2008, Remaining 35%

Both Proper and Silly have fiscal years ending on September 30.

Silly’s stock was acquired at book value. The controlling interest in net income for the consolidated entity for the fiscal year ending September 30, 2008, should include which of the following percentages of subsidiary earnings?

a. 100%, January—-September 2008.

b. 65%, January—September 2008.

c. 15%, January—May 2008; 20%, June-July 2008; and 30%, August-September 2008.

d. None of the above.