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GNK Corp. purchased 3 0 , 0 0 0 shares of the 1 0 0 , 0 0 0 outstanding shares of Bonita Corp. for

   GNK Corp. purchased 30,000 shares of the 100,000 outstanding shares of Bonita Corp. for $5.00 per share. During the year, Bonita Corp. reported $60,000 of net income and paid $20,000 in dividends. On 12/31/2012, the value of Bonita Corp.'s stock is $5.00 per share. What is the amount of income recorded in 2012 by GNK as a result of its investment in Bonita?

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