Ramirez Company acquires 70% of Laredo Company for $550,000 on January 1, 2019. Laredo reported common stock of $380,000 and retained earnings of $195,000 on that date. Equipment was undervalued by $45,000 and buildings were undervalued by $52,000, each having a 10-year remaining life. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. Based on an annual review, goodwill has not been impaired.

Laredo earns income and pays dividends as follows

2019 2020 2021

Net income $ 110,000 $ 135,000 $ 147,000

Dividends 45,000 50,000 55,000

Assume the partial equity method is applied.

Compute the noncontrolling interest in Laredo at December 31, 2020.