S is an 80% owned subsidiary of P, Inc. P accounts for S using the equity method. The following facts apply:

On January 2, 2021, S purchased a machine with a cost of $160,000 and accumulated depreciation of $60,000 from P for $120,000. The machine had a 5-year remaining life on January 2, 2021, and is being depreciated by the straight-line method.

In 2024, P reported net income of $180,000 without including income from S. S reported net income of $100,000.

2. Determine the consolidated net income for 2024, along with the Noncontrolling Interest in income and the Controlling Interest in income.