The Hoover Corporation acquired 80 percent of the 100,000 outstanding voting shares of Rainbow, Inc., for $480,000 on January 1,201. The remaining 20 percent of Rainbow's shares also traded actively at $120,000 before and after Hoover's acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Rainbow's underlying accounts except that a building with a 5-year future life was undervalued by $60,000 and a fully amortized trademark with an estimated 10 -year remaining life had a $80,000 fair value. At the acquisition date, Rainbow reported common stock of $100,000 and a retained earnings balance of $320,000. During year 201, Rainbow reported net income of $120,000 and declared dividend of $50,000. What is the amount of noncontrolling interest's share of Rainbow's income for year 20X1