Park Company paid $1,600,000 for an 80% investment in Rapids Company on January 2, 2021. On January 2, 2021, Rapid's capital stock was $800,000 and retained earnings were $400,000. The book value of Rapid's assets and liabilities equaled their fair values except for land and buildings with a 25 year life. The fair value over the book value of land was $100,000. The fair value over the book value of buildings was $200,000. Rapid company had net income of $200,000 in 2021. Calculate Park's net income from Rapids for 2021 (Show your calculations.)