On January 1, 20X1, the Kingston Company purchased 30% of the outstanding voting stock of the Berser Corporation for $300,000; the book value of Bersers net assets at the date of purchase was $900,000. Kingston was willing to pay more than the book value of the acquired shares because Bersers depreciable assets with a ten-year remaining life were undervalued. Kingston uses straight-line depreciation. During 20X1, Berser reported net income of $75,000 and paid dividends of $30,000. The income reported by Kingston during 20X1 pertaining to the Berser investment was: