On January 1, 2014, Pinnead Incorporated paid $300,000 for an 80% interest in Shalle Company.  At that time, Shalle’s total book value was $300,000. Patents were undervalued in the amount of $10,000. Patents had a 5 year remaining useful life, and any remaining excess value was attributed to goodwill.  The income statements for the year ended December 31, 2014 of Pinnead and Shalle are summarized below:

                                                Pinnead                  Shalle

Sales                                       $800,000           $300,000

Income from Shalle               78,400

Cost of sales                         (100,000)           (100,000)

Depreciation                             (70,000)            (30,000)

Other expenses

                                                   (130,000)        (70,000)

Net income

                                                  $578,400        $100,000

Part 1:  Calculate the goodwill that will appear in the consolidated balance sheet of Pinnead and Subsidiary at December 31, 2014.

Part 2:  Calculate consolidated net income for 2014.

Part 3:  Calculate the noncontrolling interest share for 2014