On January 2, 2017, Howdy Doody Corporation purchased 16% of Ranger Corporation's common

stock for $53,000. Ranger's net income for the years ended December 31, 2017 and 2018, were

$16,000 and $56,000, respectively. During 2017, Ranger declared and paid a dividend of $61,500.

On December 31, 2017, the fair value of the Ranger stock owned by Howdy Doody had increased to

$66,000. How much should Howdy Doody show in the 2017 income statement as income from this

investment?

2017_QC_CS-111689

$22,840.

$9,840.

$13,000.

$19,000.