Baywatch Industries has owned 80 percent of Tubberware Corporation for many years. On January 1, 20X6, Baywatch paid Tubberware $255,000 to acquire equipment that Tubberware had purchased on January 1, 20X3, for $273,000. The equipment is expected to have no scrap value and is depreciated over a 15-year useful life.

Baywatch reported operating earnings of $120,000 for 20X8 and paid dividends of $40,000. Tubberware reported net income of $40,000 and paid dividends of $24,000 in 20X8. (Leave no cell blank, enter "0" wherever required.)

Required:
a.	Compute the amount reported as consolidated net income for 20X8.