Question: please help, and leave work if possible Alex, Inc., buys 30 percent of Steinbart Company on January 1, 2017, for $690,000. The equity method of

please help, and leave work if possible

Alex, Inc., buys 30 percent of Steinbart Company on January 1, 2017, for $690,000. The equity method of accounting is to be used. Steinbart's net assets on that date were $2.00 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: Amount Held by Alex at Year-End Year Cost to Steinbart Transfer Price (at Transfer Price) 2017 $166, 920 $214, 000 $53, 500 2018 168, 360 244, 000 78, 000 Inventory held at the end of one year by Alex is sold at the beginning of the next. Steinbart reports net income of $93,250 in 2017 and $131,950 in 2018 and declares $30,000 in dividends each year. What is the equity income in Steinbart to be reported by Alex in 2018
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