A parent company acquired an 80% interest in a subsidiary on July 1, 2015. The subsidiary closed its books on that date. The subsidiary reported net income of $60,000 for 2015, earned evenly during the year. The parent net income exclusive of any income of the subsidiary was $140,000. The fair value of the subsidiary exceeded book value by $100,000. The entire difference was attributed to a patent with a 10 year life.

Using the above information determine the net income to be allocated to the parent and the net income to the subsidiary.