On January 1, 20X9, Pallet Company acquires 15 percent ownership in Slat Corporation for $200,000. Slat reports net assets with a book value of $250,000 and fair value of $250,000. Slat Corporation reported income of $35,000 in 20X9 and paid dividend of $9,000. Pallet Company reported income of $ 55,000 and paid dividend $8,500 in 20X9. What amount of income Pallet Company will report in its income statement?