Calculate consolidated net income (conventional method, no complications)Pan Corporation o...

Calculate consolidated net income (conventional method, no complications)

Pan Corporation owns an 80 percent interest in Sol Company and Sol owns a 30 percent interest in Pan, both acquire! at a fair value equal to book value. Separate incomes (not including investment income) of the two affiliates for 2011 are:

REQUIRED: Compute controlling share of consolidated net income for 2011 using the conventional (equation) approach.