26) Square Company purchases an equity investment in Tangle Company at a purchase price of $8 (3pts) million, representing 40% of the book value of Tangle. During the current year, Tangle reports net income of $700,000 and pays cash dividends of $300,000. At the end of the year, the market value of Square's investment is $8.3 million. What amount of income does Square report relating to this investment in Tangle for the year? O $240,000 $120,000 $280,000 $300,000