On January 1, 2022, Monica Company acquired 70 percent of Young Companys outstanding common stock for $784,000. The fair value of the noncontrolling interest at the acquisition date was $336,000.

Young reported stockholders equity accounts on that date as follows:

Common stock$10 par value	$ 100,000
Additional paid-in capital	80,000
Retained earnings	640,000

In establishing the acquisition value, Monica appraised Young's assets and ascertained that the accounting records undervalued a building (with a five-year remaining life) by $40,000. Any remaining excess acquisition-date fair value was allocated to a franchise agreement to be amortized over 10 years.

During the subsequent years, Young sold Monica inventory at a 30 percent gross profit rate. Monica consistently resold this merchandise in the year of acquisition or in the period immediately following. Transfers for the three years after this business combination was created amounted to the following:

Year	Transfer Price	Inventory Remaining at Year-End (at transfer price)
2022	$ 40,000	$ 33,000
2023	60,000	35,000
2024	70,000	41,000

In addition, Monica sold Young several pieces of fully depreciated equipment on January 1, 2023, for $59,000. The equipment had originally cost Monica $96,000. Young plans to depreciate these assets over a five-year period.

In 2024, Young earns a net income of $210,000 and declares and pays $70,000 in cash dividends. These figures increase the subsidiary's Retained Earnings to a $970,000 balance at the end of 2024. During this same year, Monica reported dividend income of $49,000 and an investment account containing the initial value balance of $784,000. No changes in Young's common stock accounts have occurred since Monica's acquisition.

Required:

Prepare the 2024 consolidation worksheet entries for Monica and Young.

*G	Retained earnings, 1/1/24 (Young)	10,500
		Cost of goods sold
2	*TA	Retained earnings, 1/1/24 (Young)	47,200
		Equipment	37,000
		Accumulated depreciationEquipment
3	*C	Investment in Young
		Retained earnings, 1/1/24 (Monica)
4	S	Common stock - Young	100,000
		Additional paid-in capital - Young	80,000
		Retained earnings, 1/1/24 (Young)
		Investment in Young
		Noncontrolling interest in Young
5	A	Buildings
		Franchise agreement
		Investment in Young
		Noncontrolling interest in Young
6	I	Dividend income	0
		Dividends declared
7	E	Depreciation expense	8,000
		Amortization expense	26,000
		Franchise agreement
		Buildings
8	TI	Sales	80,000
		Cost of goods sold
9	G	Cost of goods sold	12,300
		Inventory
10	ED	Accumulated depreciationEquipment	8,000
		Depreciation expense

Compute the net income attributable to the noncontrolling interest for 2024.