$10$

Phillips Company bought $40$ percent ownership in Jones Bag Company on January $1,20$X$1,$ at underlying book value. During the period of January $1,20$X$1[$ through December $31,20$X$3,$ the market value of Philips' investment in Jones' stock increased by $$2,000$ each year. In $20$X$1,20$X$2,$ and $20$X$3,$ Jones Bag reported the following:

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$\backslash$table$[[$Year$,$Net Income,Dividends$],[201,$$$8,000,$$$15,000$M