On jan 1 2011 pearce com purchased an 80% interest in the capital stock of searl com for 2460000. at the time searl co had capital stock of 1500000 amd retaines earnings of 300000. The difference between book of value searl equity and the value implied by the purchase price was attributed to specific assets of searl co as follows:

375000 to equipment of searl cow/ a 5-yr remaining life

187000 to land held by searl co

112500 to inventory of searl co, searl used the fifo assumption in pricing its inventory and

600000 that could not be assigned to specific assets or liabilities of searl co

1275000 total

At year-end 2011 and 2012 searl had in its inventory merchandise that it had purchased from pearce at 25% markup on cost during each year in the following:

2011 $90000

2012 $105000

During 2011 pearch reported net income from independent operations (included sales to affiliates) of 1500000 while searl reported net income of 600000. in 2012 pearce's net income from independent operatons (including sales to affiliates) was 1800000 and sales was 750000

Calculate the controlling interest in consolidates net income for 2011 and 2012