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14) On July 1, 2019, Dad Corp. obtained significant influence over Sister Co. through the...

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Accounting

14) On July 1, 2019, Dad Corp. obtained significant influence over Sister Co. through the purchase of 3,000 shares of Sister's 10,000 outstanding shares of common stock for $20 per share. On December 15, 2019, Sister paid $40,000 in dividends to its common stockholders. Sister's net income for the year ended December 31, 2019, was $120,000, earned evenly throughout the year. In its 2019 income statement, what amount of income from this investment should Dad report?

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