On 1/1/X1, Ping company acquired 60% of Stewart's common stock for $600,000 and 30% of Stewart's preferred stocks for $60,000. On the acquisition date, Stewart be included the following: Capital stock: 500,000 RE: 500,000 Pre. Stock: 200,000 During year X1, Stewart earned $200,000 in paid dividends of $50,000 to common stock and $20,000 to preferred stock. On 12/31/x1 Stewart's preferred stock had a market value of $200,000. Based on this information, how much investment income should ping recognize on 12/31/x1? a. 36,000 b. 108,000 c. 114,000 d. 120,000 e. None of the above