c. Compute the income that should be assigned to the noncontrolling interest in the 20X7 consolidated income statement. (Do not round your intermediate calculations. Round your final answer to nearest whole dollar.)
Income to noncontrolling interest
Stargell's 20X7 net income *
Income to noncontrolling interest
Net income calculations *
Net income

On December 31, 20X7, trial balances for Posey and Stargell appeared as follows:
	Posey Manufacturing					Stargell Corporation
Item	Debit			Credit		Debit
Cash		$49,500					$39,000
Current Receivables		121,500					90,100
Inventory		317,000					364,900
Investment in Stargell Stock		1,243,800
Investment in Stargell Bonds		985,000
Investment in Posey Bonds							200,000
Land		1,241,000					518,000
Buildings & Equipment		2,940,000					1,915,000
Cost of Goods Sold		1,829,000					426,000
Depreciation & Amortization		184,000					65,000
Other Expenses		632,000					206,000
Dividends Declared		61,000					51,000
Accumulated Depreciation				$1,050,000					$597,000
Current Payables				699,190					213,000
Bonds Payable				200,000					1,000,000
Premium on Bonds Payable									3,000
Common Stock				910,000					487,000
Premium on Common Stock				610,000					267,000
Retained Earnings, January 1				2,848,950					457,000
Sales				3,010,000					801,000
Other Income				143,000					50,000
Income from Stargell Corp.				132,660
Total		$9,603,800		$9,603,800			$3,875,000		$3,875,000

Posey Manufacturing Company acquired 90% of Stargell Corporations outstanding common stock on December 31, 20X5, for $1,116,900. At that date, the fair value of the noncontrolling interest was $124,100, and Stargell reported common stock outstanding of $487,000, premium on common stock of $267,000, and retained earnings of $407,000. The book values and fair values of Stargells assets and liabilities were equal except for land, which was worth $30,000 more than its book value.

On April 1, 20X6, Posey issued at par $200,000 of 10% bonds directly to Stargell; interest on the bonds is payable March 31 and September 30. On January 2, 20X7, Posey purchased all of Stargells outstanding 10-year, 12% bonds from an unrelated institutional investor at 98. The bonds originally had been issued on January 2, 20X1, for 101. Interest on the bonds is payable December 31 and June 30.

Since the date it was acquired by Posey Manufacturing, Stargell has sold inventory to Posey on a regular basis. The amount of such intercompany sales totaled $67,000 in 20X6 and $83,000 in 20X7, including a 30% gross profit. All inventory transferred in 20X6 had been resold by December 31, 20X6, except inventory for which Posey had paid $18,000 and did not resell until January 20X7. All inventory transferred in 20X7 had been resold at December 31, 20X7, except merchandise for which Posey had paid $16,667

As of December 31, 20X7, Stargell had declared but not yet paid its fourth-quarter dividend of $12,750. Both Posey and Stargell use straight-line depreciation and amortization, including the amortization of bond discount and premium. On December 31, 20X7, Poseys management reviewed the amount attributed to goodwill as a result of its purchase of Stargell common stock and concluded that an impairment loss in the amount of $25,000 had occurred during 20X7 and should be shared proportionately between the controlling and noncontrolling interests. Posey uses the fully adjusted equity method to account for its investment in Stargell.