On January $1,2020,$ P Company acquired a $90\%$ interest in S Company. During $2021,$ 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 $1,2021,$ 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 $31,2021.$

Required:

Calculate controlling interest in consolidated net income for the year ended December $31,2021.$