Daniel Company purchased 40% of Joel Company on January 1, 2023, for $576,000. The equity method of accounting was used. The book value and fair value of the net assets of Joel on that date were $1,440,000. Daniel began supplying inventory to Joel. Joel reported net income of $100,000 in 2023 and $120,000 in 2024 while paying $40,000 in dividends each year. What is the Equity in Joel Income that should be reported by Daniel in 2023? Multiple Choice $40,000 $24,000 $10,000 $36,000 $38,400