-Based on the following, prepare a proper presentation of consolidated net income and its allocation between controlling interest and non controlling interest for 2022. You must show your work for credit.

Water Corp acquisition price of Towel Inc. on 1/1/22						$500,000
Water Corp percentage acquired						90%
No active market exists for the shares of Towel Inc						----
Towel Inc Common Stock account balance						$160,000
Towel Inc Retained Earnings account balance						$280,000
Towel Inc fair value						$530,000
Annual Amortization based on the acquisition						$15,000
Towel Inc 2022 income						$105,000
Towel Inc dividend payments each year						$42,000
Water Corp 2022 income (without Towel Inc)						$315,000