Bell Company acquires 80% of Demers Company for $500,000 on January 1, 2009. Demers reported common stock of $300,000
and RE of $200,000 on that date. Equipment was undervalued by $300,000 and buildings were undervalued by $40,000, each having
a 10 year remaining life. Any excess consideration transferred over FV was attributed to goodwill with indefinite life.
Demers earns income and pays dividends as follows:
2009	2010	2011
Net Income	100000	120000	130000
Dividends	40000	50000	60000
Assume the INITIAL VALUE METHOD is applied and compute the NCI in the net income of Demers at December 31, 2009.