On January 1, 2017, Shamrock Co. purchased 22,000 shares (a 10% interest) in Elton John Corp. for $1,400,000. At the time, the book value and the fair value of Johns net assets were $12,000,000. On July 1, 2018, Shamrock paid $3,100,000 for 44,000 additional shares of John common stock, which represented a 20% investment in John. The fair value of Johns identifiable assets net of liabilities was equal to their carrying amount of $13,200,000. As a result of this transaction, Shamrock owns 30% of John and can exercise significant influence over Johns operating and financial policies. (Any excess fair value is attributed to goodwill.) John reported the following net income and declared and paid the following dividends.

		Net Income		Dividend per Share
Year ended 12/31/17		$740,000		None
Six months ended 6/30/18		530,000		None
Six months ended 12/31/18		792,000		$1.70