Delta Corporation owns 90% of Sigma Company, and Sigma owns 90 % of Pi, Inc. , all of which are domestic corporations. Information for the three companies for the year ending December 31, 2011 follows:

Delta Sigma Pi

Operating income 600,000 400,000 200,000

Unrealized gains in ending

inventory - 24,000 0 8,000

(included in operating above)

What is Pi's accrual-based income for 2011?

Please show calculations.