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Carroll Company sells all its output at 25 percent above cost. Pacific Corporation purchases all...

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Accounting

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Carroll Company sells all its output at 25 percent above cost. Pacific Corporation purchases all its inventory from Carroll. Selected information on the operations of the companies over the past three years is as follows: Carroll Company Pacific Corporation Sales to Net Inventory, Operating Income Year Pacific Corp. Income 20X2 20X3 20X4 Dec. 31 $209,000 $104,000 184,000 270,000 94,000 164,000 S 73,150 $163,000 259,000 310,000 110,400 144,000 Pacific acquired 70 percent of the ownership of Carroll on January 1, 20X1, at underlying book value Required Compute consolidated net income and income assigned to the controlling interest for 20X2, 20X3, and 20X4 20X2 20X3 20X4 Consolidated net income Income assigned to the controlling interest

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