On January 2, 2017, Howdy Doody Corporation purchased 16% of Ranger Corporation's common stock for $58,000. Ranger's net income for the years ended December 31, 2017 and 2018, were $14,000 and $54,000, respectively. During 2017, Ranger declared and paid a dividend of $62,000. On December 31, 2017, the fair value of the Ranger stock owned by Howdy Doody had increased to $65,000. How much should Howdy Doody show in the 2017 income statement as income from this investment?

Multiple Choice

$7,000.

$9,920.

$16,920.

$13,000.