On Jan $1,2021,$ Company P purchased $25\%$ of the common stock of Company S for $$4,000.$ On the same date, Company S reported net assets of $$10,000.$ The fair value of Company S$$s net assets approximated their book value except for machinery. The machinery fair value exceeded the book value for $$600$ and it had $5$ years of remaining useful life. During $2021,$ Company P sold inventory to Company S for $$1,000$ and Company P$$s profit margin was $20\%.$ During $2021,$ Company S sold half of the inventory to third parties and the rest in $2022.$ Company S reported $$1,000$ net income and paid $$600$ dividends for $2021.$ How much equity income should Company P report on Dec $31,2021$