ABC Corporation purchased 5,000 shares of XYZ Corporation's common stock on January 1, 2022, for $200,000. On December 31, 2022, the market value of the shares was $260,000. During the year, XYZ Corporation reported net income of $1,000,000 and paid a dividend of $2 per share. Using the cost method, what is the amount of income that ABC Corporation will recognize from its investment in XYZ Corporation for the year ended December 31, 2022? Show all calculations.