On January 1, 2014, P Company purchased an 80% interest in S Company for $600,000, at which time S Company had retained earnings of $300,000 and capital stock of $350,000. Any difference between book value and the value implied by the purchase price was entirely attributable to a patent with a remaining useful life of 10 years.

Assume that P and S Companies reported net incomes from their independent operations of $200,000 and $100,000, respectively.

Required:

Prepare a t-account calculation of the controlling interest and non-controlling interest in consolidated net income for the year ended December 31, 2014.