Question Completion Status:P Company owns an 80% interest in S Company. During 2017, S sells merchandise to P for $200,000 at a profit of $40,000. On December 31, 2017,50% of this merchandise is included in P's inventory. Income statements for P and S are summarized below:PSSales$1,200,000$600,000Cost of Sales(600,000)(400,000)Operating Expenses(300,000)(80,000)Net Income (2017)$300,000$120,000Controlling interest in consolidated net income for 2017 is:O a.$300,000.O b. $380,000.O c. $396,000.O d. $420,000