First Boston Corporation acquired $80$ percent of Gulfside Corporation common stock on January $1,20$X$5.$ Gulfside holds $60$ percent of the voting shares of Paddock Company, and Paddock owns $10$ percent of the stock of First Boston. All acquisitions were made at underlying book value. The fair value of the noncontrolling interest in Gulfside was equal to $20$ percent of the book value of Gulfside when acquired by First Boston, and the fair value of the noncontrolling interest in Paddock was equal to $40$ percent of its book value when control was acquired by Gulfside. During $20$X$7,$ income from the separate operations of First Boston, Gulfside, and Paddock was $$44,000,$ $$34,000,$ and $$50,000,$ respectively, and dividends of $$30,000,$ $$20,000,$ and $$10,000,$ respectively, were paid. The companies use the cost method of accounting for intercorporate investments and, accordingly, record dividends received as other

$($nonoperating$)$ income.

Required: Compute the amount of consolidated net income and the income to be assigned to the noncontrolling shareholders of Gulfside and

Paddock for $20$X$7$ using the treasury stock method