Problem 6-8 On January 2, 2014, Patten Company purchased a 90% interest in Sterling Company for $1,396,600. At that time Sterling Company had capital stock outstanding of $799,200 and retained earnings of $422,200. The difference between book value of equity acquired and the value implied by the purchase price was allocated to the following assets: Inventory Plant and Equipment (net) Goodwill $41,900 201,900 86,578 The inventory was sold in 2014. The plant and equipment had a remaining useful life of 10 years on January 2, 2014. During 2014 Sterling sold merchandise with a cost of $950,800 to Patten at a 20% markup above cost. At December 31, 2014, Patten still had merchandise in its inventory that it purchased from Sterling for $570,900. In 2014, Sterling Company reported net income of $411,500 and declared no dividends. (b) * Your answer is incorrect. Try again. Assume that Patten Company reports net income of $1,981,100 from its independent operations. Calculate controlling interest in consolidated net income. (Round answer to 0 decimal places, e.g. 5,125.) x Controlling Interest in Consolidated Net Income