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On January 1, 2019, P Company acquired 30 percent of S...

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Accounting

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On January 1, 2019, P Company acquired 30 percent of S Company's common stock, at underlying book value of $100,000. S has 100,000 shares of $3 par value, 6 percent cumulative preferred stock outstanding. No dividends are in arrears. S reported net income of $150,000 for 2019 and paid total dividends of $72,000. P uses the equity method to account for this investment. Based on the preceding information, what amount would P Company receive as dividends from S for the year

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