Gaw Company owns 31% of the common stock of Teal Corporation and uses the equity method to account for this investment. In 2018, Teal reported net income of $417000 and paid dividends of $50000. Assume that the investment balance at the beginning of 2012 was $300,000, and that there is no amortization related to this investment. How much income should Gaw recognize related to this investment for 2012? (Note: Your answer should not include $ or commas. For example, if the answer is $10,000 you should simply type 10000.)