3) Paik Corporation owns 80% of Acdol Corporation and 60% of Ben Corporation. Acdol Corporation owns 10% of Ben Corporation. All subsidiary investments were acquired at book value. There are no fair value/book value differentials associated with each investment. Separate net incomes (excluding investment income) of the affiliated companies for 2011 are:
Paik:$600,000 which includes $60,000 unrealized losses on inventory items sold to Ben
Ben:$340,000 which includes $100,000 unrealized profit on land sold to Acdol
Determine controlling interest share of consolidated net income and noncontrolling interest shares for Paik Corporation and Subsidiaries for 2011.