Alex, Incorporated, buys 40 percent of Steinbart Company on January 1, 2023, for $772,000. The equity method of accounting is to be used. Steinbarts net assets on that date were $1.70 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:

YearCost to SteinbartTransfer PriceAmount Held by Alex at Year-End (at transfer price)2023$ 204,480$ 284,000$ 71,0002024139,860222,00069,000

Inventory held at the end of one year by Alex is sold at the beginning of the next. Steinbart reports net income of $92,000 in 2023 and $129,500 in 2024 and declares $30,000 in dividends each year. What is the equity income in Steinbart to be reported by Alex in 2024?