Exercise 5-5 On January 1, 2014, P Company purchased an 80% interest in S Company for $626,400, at which time S Company had retained earnings of $311,000 and common stock of $355,200. Any difference between book value and the value implied by the purchase price was entirely attributable to a patent with a remaining useful life of 10 years. Assume that P and S Companies reported net incomes from their independent operations of $205,000 and $96,000, respectively. Calculate the controlling interest and noncontrolling interest in consolidated net income for the year ended December 31, 2014. Controlling Interest in Consolidated Net Income $4 Noncontrolling Interest in Consolidated Net Income