On December 31, 2018, Panorama Incorporated purchased 60% of Sky Manufacturing for $300,000. The book value and fair value of Sky's assets and liabilities were equal with the exception of plant assets which were undervalued by $60,000 and had a remaining life of 10 years, and a patent which was undervalued by $40,000 and had a remaining life of 5 years. At December 31, 2020, the companies showed the following balances on their respective adjusted trial balances:

Panorama Sky Sky

Book Value Book Value Fair Value

Assets (includes

Investment in Sky) $950,000 $300,000 $320,000

Plant assets - net 590,000 150,000 150,000

Patent 310,000 200,000 280,000

Expenses 800,000 300,000

Liabilities $480,000 $120,000 $120,000

Common Stock 300,000 100,000

Retained Earnings 890,000 330,000

Revenue 980,000 400,000

Required:

1- Calculate the balance of the noncontrolling interest in Sky to be reported on the consolidated balance sheet at December 31, 2020.