Xerox has equity investments, and several of its consolidated subsidiaries have noncontrolling interests outstanding. Xerox’s consolidated income statement for 2011 shows the following (dollars in millions):

Income before income taxes and equity income .......$1,565

Income taxes ...................... (386)

Equity in net income of unconsolidated affiliates ........ 149

Net income ....................... 1,328

Less: Net income attributable to noncontrolling interests .... 33

Net income attributable to Xerox .............. $1,295

1. Assuming each of the equity companies is 40% owned by Xerox, estimate the 2011 earnings for these companies.

2. Independent of requirement 1, assume that each of the noncontrolling interests is a 20% interest, estimate the 2011 earnings of these companies.

3. Xerox prepares a cash flow statement using the indirect method. On it, net income is adjusted by $86 million for undistributed earnings of affiliated companies. Estimate dividends received from equity investees.