Assume a parent company owns a 100% controlling interest in its long-held subsidiary. The following excerpts are from the parent's and subsidiary's "stand alone" pre-consolidation income statements for the year ending December 31, 2022, prior to any investment bookkeeping or intercompany adjustments: On January 1, 2022, neither company held any inventories purchased from the other affiliate. All of the sales made by either company have the same gross margin regardless of whether they are made to affiliates or non-affiliates. The subsidiary declared and paid $260,000 of dividends during 2022. 20. Pre-consolidation bookkeeping, upstream intercompany sales, profits in ending inventory cost method Assume during the year ended December 31,2022, a subsidiary sold to its parent $520,000 of merchandise. On December 31,2022 , the parent still held in its inventory 25% of the goods purchased from the subsidiary during 2022. What is the amount of income from the subsidiary" recognized by the parent company it applies the cost method of pre-consolidation investment bookkeeping a$463,450b$460.200c$260,000d$208,000