On January 1, 2016. Phoenix Company acquired 80% of the outstanding capital stock of Skyler Company for $570,000. On that date, the capital stock of Skyler Company was $150,000 and its retained earnings were $450,000, On the date of acquisition, the assets of Skyler Company had the following values; Fair Market Book Value Value Inventories Plant and equipment $ 90,000 150,000 $165.000 180.000 All other assets and liabilities had book values approximately equal to their respective fair market values. The plant and equipment had a remaining useful life of 10 years from January 1, 2016, and Skyler Company uses the FIFO inventory cost flow assumption Skyler Company earned $180,000 in 2016 and paid dividends in that year of $90,000, Phoenix Company uses the complete equity method to account for its investment in Company Required: Compute the amount of equity in subsidiary income recorded on the books of Phoenix Company on December 31, 2016