On January 2, 2023, Pond Company acquired 40% of the outstanding voting common shares of Ramp Company for $700,000. On that date, Ramp reported assets and liabilities with book values of $2.2 million and $700,000, respectively. A building owned by Ramp had an appraised value of $300,000, although it had a book value of only $120,000. This building had a 12-year remaining life and no salvage value. It was being depreciated on the straight-line basis. Ramp generated net income of $300,000 in 2023 and a loss of $120,000 in 2024. In each of these two years, Ramp paid a cash dividend of $70,000 to its stockholders.

Required: For 2023 and then for 2024, calculate the equity income to