Florida Inc. owned equipment with an estimated life of 10 years when the equipment was acquired for an original cost of $80,000. The equipment had a book value of $50,000 on January 1, 2020. On January 1, 2020, Florida realized that the useful life of the equipment was longer than originally anticipated, at ten remaining years. On April 1, 2020, Miami Co., a 90% owned subsidiary of Florida Inc., bought the equipment from Florida for $68,250 and for depreciation purposes used the estimated remaining life as of that date. The following data are available pertaining to Miami's income and dividends declared: 2020 2021 2022 Net income $100,000 $120,000 $130,000 Dividends declared 40,000 50,000 60,000 Assuming there are no excess amortizations associated with the consolidation, and no other intra-entity asset transfers, compute Florida's share of income from Miami for consolidation for 2022.