Belden, Incorporated, acquires $30$ percent of the outstanding voting shares of Sheffield,

Incorporated, on January $1,2023,$ for $$318,000,$ which gives Belden the ability to significantly

influence Sheffield. Sheffield has a net book value of $$784,000$ 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 $$164,000$ in $2023$ and $$258,000$ of net income during $2024.$

Dividends of $$80,000$ and $$92,000$ 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 $$406,000$ cash, what

is the impact on Belden's income?

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

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

Answer is not complete.