Ryan Company acquired 70% of Garcia Company for $475,000 on January 1, 2021. Garcia reported common stock of $250,000 and retained earnings of $180,000 on that date. Equipment was undervalued by $12,000 and buildings were undervalued by $50,000, each having a 10-year remaining life. Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. According to an annual review, goodwill has not been impaired.

Garcia earns income and pays dividends as follows:

	2021				2022
Net income	$	120,000			$	147,000
Dividends		49,000				52,000

Assume the initial value method is applied.

Compute the noncontrolling interest in Garcia at December 31, 2022.