Alex, Incorporated, buys 30 percent of Steinbart Company on January 1, 2023, for $1,098,000. The equity...

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Alex, Incorporated, buys 30 percent of Steinbart Company on January 1, 2023, for $1,098,000. The equity method of accounting is to be used. Steinbart's net assets on that date were $3.30 million. Any excess of cost over book value is attributable to a trade name with a 20-year remaining life. Steinbart immediately begins supplying inventory to Alex as follows: Year 2023 2024 Cost to Steinbart Transfer Price $ 156,200 109,800 $ 220,000 180,000 Amount Held by Alex at Year-End (at transfer price) $ 55,000 55,000 Inventory held at the end of one year by Alex is sold at the beginning of the next. Steinbart reports net income of $100,000 in 2023 and $130,900 in 2024 and declares $40,000 in dividends each year. What is the equity income in Steinbart to be reported by Alex in 2024? Alex, Incorporated, buys 30 percent of Steinbart Company on January 1, 2023, for $1,098,000. The equity method of accounting is to be used. Steinbart's net assets on that date were $3.30 million. Any excess of cost over book value is attributable to a trade name with a 20-year remaining life. Steinbart immediately begins supplying inventory to Alex as follows: Year 2023 2024 Cost to Steinbart Transfer Price $ 156,200 109,800 $ 220,000 180,000 Amount Held by Alex at Year-End (at transfer price) $ 55,000 55,000 Inventory held at the end of one year by Alex is sold at the beginning of the next. Steinbart reports net income of $100,000 in 2023 and $130,900 in 2024 and declares $40,000 in dividends each year. What is the equity income in Steinbart to be reported by Alex in 2024?