On January 1, 2015, P Company acquired a 90% interest in S Company. During 2016, S Company sold merchandise to P Company at 25% above cost in the amount (selling price) of $203,700. At the end of the year, P Company had in its inventory one-third of the amount of goods purchased from S Company.

On January 1, 2016, P Company sold equipment that had a book value of $83,600 to S Company for $118,100. The equipment had an estimated remaining life of four years.

S Company reported net income of $116,100, and P Company reported net income of $293,000 from their independent operations (including sales to affiliates) for the year ended December 31, 2016.

Calculate controlling interest in consolidated net income for the year ended December 31, 2016.