In January 2022, ABC insurance acquired 40% of XYZ insurance outstanding stock for 950,000$. The investment gave ABC insurance the ability to exercise significant influence over XYZ insurance. 40% of the book value of XYZ insurance net assets was 910,000$ the excess cost over book value was attributed to equipment which was undervalued by 24,000. The estimated life of the equipment was 4 years. Balance excess was not for any specific assets.

For the year ended December 31, 2021 XYZ insurance reported net income of 160,000$ and paid cash dividends of 80,000$ on its common stock.

1. Calculated the amount of goodwill
2. How much would ABC insurance report as investment income in 2022 related to its investment in XYZ insurance?
3. What is the carrying value of ABC's investment in XYZ insurance at December 31, 2022?