Question: On January 2, 2XX0, Bridges Inc. purchased a 30% interest in Momentum Corporation for $550,000. Fair values of Momentum's net assets equaled book values except

On January 2, 2XX0, Bridges Inc. purchased a 30% interest in Momentum Corporation for $550,000. Fair values of Momentum's net assets equaled book values except for equipment undervalued by $110,000. The equipment had a 10-year remaining life. During 2XX0, Momentum reported net income of $165,000 and paid dividends of $44,000. What is Bridges' Equity Income for 2XX0?

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