Belden, Incorporated, acquires $30$ percent of the outstanding voting shares of Sheffield, Incorporated, on January $1,2023,$ for $$326,000,$ which gives Belden the ability to significantly influence Sheffield. Sheffield has a net book value of $$812,000$ 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 $$172,000$ in $2023$ and $$236,000$ of net income during $2024.$ Dividends of $$94,000$ and $$98,000$ are declared and paid in $2023$ and $2024,$ respectively. Belden uses the equity method.

Required:

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?

If Belden sells its entire investment in Sheffield on January $1,2025,$ for $$424,000$ cash, what is the impact on Belden's income?

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

Year Cost to Belden Price to Sheffield Year$-$End Balance $($at Transfer Price$)$

$2023$ $ $24,360$ $ $42,000$ $$18,000($sold in following year$)$

$202431,72061,00038,000($sold in following year$)$

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