Grand Company owns 20% of the common stock of Canyon Company, and Grand has significant influence over Canyon.

Grand acquired its equity interest in Canyon on January 1, 2021. On the date of acquisition, the fair values of the Canyon's net assets were equal to their reported book value.

During 2022, Canyon reported net income of $300,000 and paid dividends of $80,000.

On January 1, 2022, Canyon bought a building from Grand for $200,000. The carrying value of the building on Grand's books immediately before the sale was $60,000.

What amount of income should Grand report in 2021 from its equity investment in Canyon?

Great Company owns 30% of the common stock of Barrier Company, and Great has significant influence over Barrier.

Great acquired its equity interest in Barrier on January 1, 2019. On the date of acquisition, the fair values of the Barrier's net assets were equal to their reported book value.

During 2020, Barrier reported net income of $700,000 and paid dividends of $60,000.

On December 31, 2020, Great bought a building from Barrier for $300,000. The carrying value of the building on Barrier's books immediately before the sale was $70,000.

What amount of income should Great report in 2020 from its equity investment in Canyon?

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