On January 1, 2012, TikTockk, Incorporated, paid $100,000 for a 35% interest in Shanna Corporation. This investee had assets with a book value of $550,000 and liabilities of $300,000. A patent held by Shanna having a book value of $10,000 was actually worth $40,000 with a six year remaining life. Any goodwill associated with this acquisition is considered to have an indefinite life. During 2012, Shanna reported income of $50,000 and paid dividends of $20,000 while in 2013 it reported income of $75,000 and dividends of $30,000. Assume TikTockk has the ability to significantly influence the operations of Shanna. The equity in income of Shanna for 2012, is