Patterson Company Patterson Company acquired 90% of Starr Corporation on January 1, 2011 for $2,250,000. Starr had net assets at that time with a fair value of $2,500,000. At the time of the acquisition, Patterson computed the annual excess fair- value amortization to be $20,000, based on the difference between Starr's net book value and net fair value. Assume the fair value exceeds the book value, and $20,000 pertains to the whole company. Separate from any earnings from Starr, Patterson reported net income in 2011 and 2012 of $550,000 and $575,000, respectively. Starr reported the following net income and dividend payments( Using the Full Equity Mehtods For Investmet). 2011 2012 Net Income $150,000 $180,000 Dividends $30,000 $30,000 11. Calculate thier Equity income for yerar 2011 (3 Points) Enter your answer