On January 1, 20x8, Parent Company purchased 75% of the common stock of Subsidiary Company for $360,000. On this date, Subsidiary had common stock, other paid in capital, and retained earnings of $20,000, $130,000, and $200,000, respectively. Any excess of cost over book value is due to goodwill. Parent accounts for the Investment in Subsidiary using cost method. On January 1, 20x8, Subsidiary sold $100,000 par value of 6%, ten-year bonds for $97,000. The bonds pay interest semi-annually on January 1 and July 1 of each year. On January 1, 20X9, Parent repurchased all of Subsidiary's bonds for $99,100. The bonds are still held on December 31, 20X9. Both companies have correctly recorded all entries relative to bonds and interest, using straight-line amortization for premium or discount. Calculate NCI's portion of consolidated net income for the year ended of December 31, 20X9. Round all computations to the nearest dollar (10 points). Trial Balance Eliminations and Parent Sub. Adjustments Account Titles Company Company Debit Credit Interest Receivable 3,000 Other Current Assets 214,400 340,500 Investment in Sub. Company Investment in bonds Land 100,000 50,000 500,000 290,000 Buildings and Equipment Rent Receivable Goodwill (150,000) (70,000) Interest Payable Other Current Liabilities (124,000) (70,000) (100,000) Bonds Payable, 8% Discount on Bonds Payable Other Long-Term Liabilities (200,000) Common Stock - P Co. (50,000) Other Paid-in Capital - P Co. (250,000) Retained Earnings - P Co. (445,000) (20,000) Common Stock - S Co. Other Paid-in Capital - S Co. Retained Earnings - S Co. (130,000) (250,000) (630,000) (360,000) Net Sales Cost of Goods Sold 210,000 350,000 163,200 73,800 ( . Operating Expenses Interest Expense Interest Income Subsidiary Income Dividends Declared-P Co. 50,000 Dividends Declared -S Co. 30,000 Consolidated Net Income To NCI To Controlling Interest Total NCI Ret. Earn. Contr. Int. 12-31 0 0