Belden, Incorporated, acquires $30$ percent of the outstanding voting shares of Sheffield, Incorporated, on January $1,2023,$ for $$310,000,$ which gives Belden the ability to significantly influence Sheffield. Sheffield has a net book value of $$804,000$ at January $1,2023.$ Sheffield's asset and liability accounts showed carrying amounts considered equal to fair values, except for a copyright whose value accounted for Belden's excess cost over book value in its $30$ percent purchase. The copyright had a remaining life of $16$ years at January $1,2023.$ No goodwill resulted from Belden's share purchase.

Sheffield reported net income of $$172,000$ in $2023$ and $$256,000$ of net income during $2024.$ Dividends of $$90,000$ and $$94,000$ are declared and paid in $2023$ and $2024,$ respectively. Belden uses the equity method.

Required:

a$.$ On its $2024$ comparative income statements, how much income would Belden report for $2023$ and $2024$ in connection with the company's investment in Sheffield?

b$.$ If Belden sells its entire investment in Sheffield on January $1,2025,$ for $$410,000$ cash, what is the impact on Belden's income?

c$.$ Assume that Belden sells inventory to Sheffield during $2023$ and $2024$ as follows:

$\backslash$table$[[,$Cost to$,$Price to$,],[$Year$,$Belden,Sheffield,Year$-$End Balance $($at Transfer Price$)],[2023,$$$28,320,$$$48,000,$$$18,000($sold in foltowing $-$year$)],[2024,32,940,61,000,40,000($sold in following year$)]]$

What amount of equity income should Belden recognize for the year $2024?$

Answer is complete but not entirely correct.

$\backslash$table$[[,$a$.$ Equity income $2023,$$$,,47,300],[,$a$.$ Equity income $2024,$$$,,72,500],[$b$.,2,\backslash$table$[[$on sale of$],[$investment$]],$$$,35,400],[,$c$.$ Equity income $2024,$$$,,43,616ox$