Edith, Inc. purchased all of Award Corporation's common stock on January 1, 2XX0, for $2,000,000 cash. Award's stockholders' equity amounted to $800,000. The excess of $1,200,000 was due to undervalued PPE with a 10-year life. In 2XX0, Award reported net income of $500,000 and paid dividends of $50,000.

For 2XX0, what amount of Equity Income will Edith record?