On January 1, Year 1, Light paid $250,000 for 300,000 (39%) of the outstanding shares of Dark. Dark's net income for Year 1 was $750,000. On January 1, the following fair value differentials existed: 

                                             Carrying Value        Fair Value 

Accounts Receivable             $12,000                   $30,000 

Land                                        $101,000                  $126,000 

Depreciable Asset                 $12,000                     $28,000 - 

As at Dec 31, Year 1, the land was still owned by Dark.

The fair value difference for the depreciable asset relates to an asset that had a remaining useful life of 5 years. 

Calculate the income recorded to the P&L for the year ended December 31, Year 1 assuming that the investment is classified as Investment in Associate (significant influence).