Cayman Incorporated bought 30% of Maya Company on January 1, 2024, for $450,000. The equity method of accounting was used. The book value and fair value of the net assets of Maya on that date were $1,500,000. Maya began supplying inventory to Cayman as follows:

YearCost to MayaTransfer PriceAmount Held by Cayman at Year-End2024$ 30,000$ 45,000$ 9,0002025$ 48,000$ 80,000$ 20,000

Maya reported net income of $100,000 in 2024 and $120,000 in 2025 while paying $40,000 in dividends each year.

What is the Equity in Maya Income that should be reported by Cayman in 2025?

A. $34,200

B. $34,800

C. $36,000

D. $37,800

E. $34,500