On January 2, 2018, Howdy Doody Corporation purchased 12% of Ranger Corporation's common stock for $54,000. Ranger's net income for the years ended December 31, 2018 and 2019, were $15,000 and $58,000, respectively. During 2018, Ranger declared and paid a dividend of $62,500. On December 31, 2018, the fair value of the Ranger stock owned by Howdy Doody had increased to $67.000. How much should Howdy Doody show in the 2018 income statement as income from this investment? ( 004850 1 Multiple Choice O $19.000 o O $20.500 o O $7.500 o o 0 $13,000