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 $$50,000,$ $$40,000,$ and $$56,000,$ respectively, and

dividends of $$36,000,$ $$26,000,$ and $$16,000,$ 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.