On January 1, Year 1, Light paid $350,000 for 210,000 (43%) of the outstanding shares of Dark. Dark's net income for Year 1 was $520,000. On January 1, the following fair value differentials existed:

Carrying Value Fair Value

Accounts Receivable $14,000 $33,000

Land $118,000 $129,000

Depreciable Asset $12,000 $32,000 -

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). Your Answer: