On January 1, 20x1, Pinnacle, Inc. purchased 40% of the common stock of Valley Company for $61,000. At the date of acquisition, the following information for Valley Company was available: Book Value Fair Market Value Depreciable assets $100,000 $105,000 (remaining life. 5 years) Land 50.000 60.000 Total $150,000 $165.000 Liabilities $ 25,000 $25.000 Common stock 75,000 Retained earnings 50.000 Total $150.000 In 20x1, Valley earned $18,000 of net income and distributed $12.500 of dividends. How much investment income would Pinnacle record in 20x1? 22.000 Common stock 75,000 Retained earnings 50,000 Total $150,000 In 20x1, Valley earned $18,000 of net income and distributed $12,500 of dividends. How much investment income would Pinnacle record in 20x1? O $6,800 O $7,200 O $6,200 $7,600 3 pts Question 6