EXERCISE 71 Controlling Interest in Income LO 8 On January 1, 2014, Sherwood Company, an 80% owned subsidiary of Paradise Company, sold to Paradise Conapany equipment with a hook value of $600,000 for $840,000. The equipment had an estimated remaining useful life of eight years on the date of the intercompany sale. Paradise Company reported net income from its independent operations of $550,000, and Sherwood Company reported net income of $300,000 i the years of 2014 and 2015 Required: Calculate the controlling interest in combined net income for the years ended December 31, 2014, and December 31. 2015