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4) Subsidiary purchases parent bonds Parent Company acquired an 80 percent interest in Sub. Compary on January 1, 2011, for $640,000 in excess of book value and fair value. On January 1, 2014, Parent had $1,600,000 par, 8 percent bonds outstanding with $64,000 unamortized discount. On January 2, 2014, sub purchased $640,000 par of Pat's bonds at par. The bonds mature on January 1, 2018, and payinterest on January 1 and July 1. Parent's separate income, not including investment income, for 2014 is $1,280,000, and sub's reported net income is $300,000. REQUIRED: Determine the following: a. Controlling interest share of consolidated net income for Parent Corporation and subsidiary for 2014 b. Noncontrolling interest share for 2014