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 $219,600. 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 $79,100 to S Company for $115,600. The equipment had an estimated remaining life of four years. S Company reported net income of $119,800, and P Company reported net income of $300,200 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