Exercise 7-8 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 $223,200. 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 $72,500 to 5 Company for $116,800. The equipment had an estimated remaining life of four years. S Company reported net income of $118,100, and P Company reported net income of $285,700 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. Controlling Interest in Consolidated Net Income Click if you would like to Show Work for this question: Open Show Work