On July 1, 2021, Miller, Inc., acquires 60 percent of Summer Company for $360,000. The remaining 40 percent of Summer's outstanding shares continue to trade at a collective value of $240,000. On that date, patent owned by Summer with 10-year remaining life is undervalued by $100,000. Summer has book value of net assets at $400,000 on January 1, 2021. The affiliates report the following 2021 amounts from their own separate operations:

Revenues:

Miller- $720,000

Summer- $210,000

Expenses:

Miller- $460,000

Summer- $80,000

Dividends (declared quarterly):

Miller- $175,000

Summer- $30,000

Assume Summer's revenues and expenses occurred uniformly throughout the year. On 2021 consolidated income statement, what is the amount of consolidated net income allocated to the controlling interest?

Option:

$296,000

$278,000

$390,000

$332,000