en 4 ed P Corporation acquired an 80% interest in s Corporation on January 1, 2014, when the book values of S assets and liabilities were equal to their fair values. The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2014, P sold merchandise that cost $86,000 to S for $70,000. On December 31, 2014, one-fourths of the merchandise acquired from P remained in s inventory, Separate incomes (investment income not included) of the two companies are as follows: out of question S Sales Revenue $180,000 $160,000 Cost of Goods Sold 120,000 90,000 21,000 Operating Expenses 17,000 Separate incomes $ 43,000 What is P income from Investment in S for 2014? $ 49,000 Select one: a. $35,200 b. $43,200 C. $39,200 d. $42,400