On January $1,2022,$ Uncle Company purchased $80$ percent of Nephew Company$$s capital stock for $$500,000$ in cash and other assets. Nephew had a book value of $$600,000,$ and the $20$ percent noncontrolling interest fair value was $$125,000$ on that date. On January $1,2024,$ Nephew had acquired $30$ percent of Uncle for $$280,000.$ Uncle$$s appropriately adjusted book value as of that date was $$900,000.$

Separate operating income figures $($not including investment income$)$ for these two companies follow. In addition, Uncle declares and pays $$20,000$ in dividends to shareholders each year and Nephew distributes $$5,000$ annually. Any excess fair$-$value allocations are amortized over a $10-$year period.

Year Uncle Company Nephew Company

$2022$ $ $90,00030,000$

$2023120,00040,000$

$2024140,00050,000$

Required:

Assume that Uncle applies the equity method to account for this investment in Nephew. What is the subsidiary's income recognized by Uncle in $2024?$

What is the net income attributable to the noncontrolling interest for $2024?$