On January 1, 2012, P Company acquired a 90% interest in S Company. During 2013, S Company sold merchandise to P Company at 25% above cost in the amount (selling price) of $225,000. At the end of the year, P Company had in its inventory one-third of the amount of goods purchased from S Company.

On January 1, 2013, P Company sold equipment that had a book value of $80,000 to S Company for $120,000. The equipment had an estimated remaining life of four years. S Company reported net income of $120,000, and P Company reported net income of $300,000 from their independent operations (including sales to affiliates) for the year ended December 31, 2013.

Required:

Calculate controlling interest in consolidated net income for the year ended December 31, 2013.