On January 1, Mumford purchased 10% of Heller's common stock. On September 1, it purchased another 30% of Heller's common stock. During November, Heller declared and paid a cash dividend on its common stock. [NOTE: Assume transition is the retrospective approach for fiscal years (and interim periods) beginning before December 15, 2016.] How much income from Heller should Mumford report on its income statement?

Select one:

A. 10% of Heller's income for January 1 to August 31, plus 40% of Heller's income for the remainder of the year

B. 40% of Heller's income from September 1 to December 31 only

C. 30% of Heller's income

D. The amount of dividends received from Heller