Rit Corporation paid $1,372,000 for a 30 percent interest In Tel Corporation's Outstanding Voting Stock On April 1, 2011. At December 31, 2010, Tel Had Net Assets Of $4,000,000 And Only Common Stock Outstanding. During 2011, Tel declared and paid dividends of $80,000 each quarter on March 15, June 15, September 15, and December 15 ($320,000 in total). At April 1, 2011, the book value of assets and liabilities equals the fair value. Tel's 2011 income was reported as follows: Income before extraordinary item .................... $4800,000 Extraordinary gain, December 2011 .................... 160,000 Net income .............................................. $640,000 Required Determine the following items for Rit: 1.share of income