Alex, Inc., buys 40 percent of Steinbart Company on January 1, 2017, for $1,458,000. The equity method of accounting is to be used. Steinbart's net assets on that date were $3.40 million. Any excess of cost over book value is attributable to a trade name with a 20-year remaining life. Steinbart immediately begins supplying inventory to Alex as follows: Year 2017 2018 Cost to Steinbart $131,600 99,900 Transfer Price $188,000 166,500 Amount Held by Alex at Year-End (at Transfer Price) $47,000 50,500 Inventory held at the end of one year by Alex is sold at the beginning of the next. Steinbart reports net income of $99,250 in 2017 and $136,650 in 2018 and declares $20,000 in dividends each year. What is the equity income in Steinbart to be reported by Alex in 2018