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On January 1, 2020, Holly Corporation purchased 16% of Maloney Corporation's common stock for $55,000. Maloney's net income for the years ended December 31, 2020,
On January 1, 2020, Holly Corporation purchased 16% of Maloney Corporation's common stock for $55,000. Maloney's net income for the years ended December 31, 2020, and December 31, 2021, were $17,000 and $57,000, respectively. During 2020, Maloney declared and paid a dividend of $62,500. On December 31, 2020, the fair value of the Maloney stock owned by Holly had increased to $72,000. How much should Holly show in the 2020 income statement as income from this investment
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