Garrison acquires 40 percent of the outstanding voting stock of Larson Company on January 1, 2020, for $530,000 in cash. The book value of Larson's net assets on that date was $1,000,000, although one piece of the company's equipment, with a $100,000 carrying (book) amount, was worth only $60,000. This piece of equipment had an 8-year remaining life. In addition, Larson owned a franchise agreement with a 10-year remaining life that was undervalued by $80,000 (i.e., the market value was $80,000 higher than its book value).

Larson reported a $125,000 net income in 2020. The company managed to declare and pay a $20,000 cash dividend during the year.

Larson sold inventory with an original cost of $90,000 to Garrison during 2020 at a transfer price of $120,000. Garrison still held $25,000 of the transfer price in inventory as of December 31, 2020. These goods were to be sold to outside parties during 2021.

During 2021, Larson reported a $20,000 net loss and a $32,000 other comprehensive loss. It made additional inventory sales with a transfer price of $80,000 to Garrison during the period. The original cost of the merchandise was $55,000. All but 30 percent of this inventory had been resold to outside parties by the end of 2021.

Determine the total Equity Income in Larson for 2020 and 2021.