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 Sales to Parade Corp. Net Income

20X2 $211,000 $100,000

20X3 186,000 90,000

20X4 246,000 160,000

Parade Corporation

year Inventory, Dec. 31 Operating Income

2012 $73,850 $165,000

2013 111,600 248,000

2014 131,200 303,000

Parade acquired 70 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.

consolidated net income

2012____________

2013____________

2014____________

income assigned to the controlling interest

2012____________

2013____________

2014____________