Holiday Bakery owns 60 percent of Farmco Products Company's stock. On January 1, 20 times 9, inventory reported by Holiday included 22,000 bags of flour purchased from Farmco at $15 per bag. By December 31, 20 times 9, all the beginning inventory purchased from Farmco Products had been baked into products and sold to customers by Holiday. There were no transactions between Holiday and Farmco during 20 times 9. Both Holiday Bakery and Farmco Products price their sales at cost plus 50 percent markup for profit. Holiday reported income from its baking operations of $317,000, and Farmco reported net income of $267,000 for 20 times 9. Prepare the consolidation entry or entries required to remove the effects of the unrealized profit in beginning inventory in preparing the consolidation worksheet as of December 31, 20 times 9. (Do not round intermediate calculations.) Compute the amounts reported as consolidated net income and income assigned to the controlling interest in the 20 times 9 consolidated income statement. (Do not round intermediate calculations.)