1. On April 1, 2017, Gouldian Corporation paid $120,000 for a 25% interest in Termite Mound Corporation. On July 1, 2017, Gouldian acquired an additional 45% (based on the January 1, 2017 number of Termite Mound shares outstanding) for $236,400. Termite Mounds stockholders equity on January 1, 2017 consisted of $300,000 of $10 par value Common Stock and $100,000 of Retained Earnings. Termite Mounds net income for 2017 was $144,000 earned uniformly throughout the year.

Instructions: Calculate each of the following amounts:

1. Gouldians income from Termite Mound for 2017.
2. The amount of minority interest income that will appear on the consolidated income statement of Gouldian and Subsidiary for 2017.