Summer Company sells all its output at 25 percent above cost. Parade Corporation purchases all its inventory from Summer. Selected information on the operations of the companies over the past three years is as follows: Summer Company Year 20X2 20X3 20X4 Sales to Parade Corp. $200,000 Net Income $100,000 175,000 225,000 90,000 160,000 Parade Corporation Inventory, Dec. 31 $ 70,000 105,000 Operating Income $150,000 240,000 120,000 300,000 Parade acquired 60 percent of the ownership of Summer on January 1, 20X1, at underlying book value. Required: Compute consolidated net income and income assigned to the controlling interest for 20X2, 20X3, and 20X4. 20X2 20X3 20X4 Consolidated net income $ 236,000 $323,000 $ 457,000 Income assigned to the controlling interest $ 201,600