On January 1, 2014, P Company purchased an 80% interest in S Company for $595,200, at which time S Company had retained earnings of $311,700 and common stock of $360,400. 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 $203,700 and $97,900, respectively.

Calculate the controlling interest and noncontrolling interest in consolidated net income for the year ended December 31, 2014.

$595200 at 80%, so implied value = 595200/80% = $744,000

Implied Value - Common Stock - Retained Earnings = Difference Between Implied and Book

$744,000 - $360,400 - $311,700 = $71,900 this difference is attributable to patent with remaining useful life of 10 years.

$71,900 / 10 = $7,190 amortization per year

Controlling Interest in Consolidated Net Income: Given Income + Subsidiary Income Portion = $203,700 + 80%*($97,900 - $7,190) = $276268

Noncontrolling Interest in Consolidated Net Income: Given Income less adjustments * % owned = ($97,900 - $7,190)*20% = $18,142

(Answered my own question to help other people out...)