Sing Company, a 80% owned subsidiary of Paint Corp., reported net income of P1,500,000 and paid dividends totaling P500,000 during Year 1. Amortization of the excess fair values over book values of...

Sing Company, a 80% owned subsidiary of Paint Corp., reported net income of P1,500,000 and paid dividends totaling P500,000 during Year 1. Amortization of the excess fair values over book values of identifiable net assets on the date of acquisition amounted to P220,000. What is the amount of non-controlling interest in consolidated net income of Sing in Year 1?