Surrell Inc. owns 30% of the outstanding voting common stock of Vicker Co. and has the ability to significantly influence the investee's operations and decision making. On January 1, 2011, the balance in the Investment in Vicker Co. account was $402,000. Amortization associated with this acquisition is $9,558 per year. During 2011, Vicker earned an income of $108,000 and paid cash dividends of $36,000. Previously in 2010, Vicker had sold inventory costing $28,800 to Surrell for $48,000. All but 25% of this merchandise was consumed by Surrell during 2010. The remainder was used during the first few weeks of 2011. Additional sales were made to Surrell in 2011; inventory costing $33,600 was transferred at a price of $60,000. Of this total, 40% was not consumed until 2012. What amount of equity income would Surrell have recognized in 2011 from its ownership interest in Vicker?