Pat Company acquired an 80 percent interest in Sal Company on January 1, 2011, for $800,000 in excess of book value and fair value. On January 1, 2014, Pat had $2,000,000 par, 8 percent bonds outstanding with an $80,000 unamortized discount. On January 2, 2014, Sal purchased $800,000 par of Pat's bonds at par. The bonds mature on January 1, 2018, and pay interest on January 1 and July 1. Pat's separate income, not including investment income, for 2014 is $1,600,000, and Sal's reported net income is $1,000,000.
REQUIRED
Determine the following:
1. Controlling interest share of consolidated net income for Pat and Subsidiary for 2014
2. Noncontrolling interest share for 2014