On January 1, 20X8, Parent Company purchased 75% of thecommon stock of Subsidiary Company for $360,000. On this date,Subsidiary had common stock, other paid in capital, and retainedearnings of $20,000, $130,000, and $200,000, respectively. Anyexcess of cost over book value is due to goodwill. Parent accountsfor the Investment in Subsidiary using cost method. On January 1,20X8, Subsidiary sold $100,000 par value of 6%, ten-year bonds for$97,000. The bonds pay interest semi-annually on January 1 and July1 of each year. On January 1, 20X9, Parent repurchased all ofSubsidiary's bonds for $99,100. The bonds are still held onDecember 31, 20X9. Both companies have correctly recorded allentries relative to bonds and interest, using straight-lineamortization for premium or discount. Calculate NCI's portion ofconsolidated net income for the year ended of December 31, 20X9.Round all computations to the nearest dollar
