Lucy and its $80\%$ owned subsidiary, Ethel, have the following income statements for $2023$:

Lucy, Inc.

Ethel

$12/31/2023$

$12/31/2023$

Revenues

$ $500,000$

$ $230,000$

Cost of goods sold

$(300,000)$

$(140,000)$

Depreciation and amortization

$(40,000)$

$(10,000)$

Other expenses

$(20,000)$

$(20,000)$

Gain on sale of equipment

$30,000$

$-$

Equity earnings of Ethel

$36,200$

$-$

Net income

$ $206,200$

$ $60,000$

Additional information for $2023$:

Intra$-$entity inventory transfers during the year amounted to $$90,000.$ All intra$-$entity transfers were downstream from Lucy to Ethel.

Intra$-$entity gross profits in inventory at January $1$ were $$6,000,$ but at December $31$ they are $$9,000.$

Annual excess amortization expense resulting from the acquisition is $$11,000$

Ethel paid dividends totaling $$20,000$

The noncontrolling interest's share of the subsidiary's income is $$9,800$

During the year, consolidated inventory rose by $$11,000$ while accounts receivable and accounts payable declined by $$8,000$ and $$6,000$ respectively.