P CO owns a 90% interest in S Co, purchased at a time when the book values of S recorded assets and liabilities were equal to fair values. During 2014, S sold merchandise to P cost 32,000 for $40,000. At December 31, 2014, 75%o of this merchandise is still in P inventory. Separate incomes for P&S are summarized as follows: P S $900,000 Sales $200,00po 400,000 Cost of sales 000 100, 500,000 Gross profit 100,000 200,000 Operating expenses 0,000 $300,00o What is amount of Income Separate income $ 20,000 from s reported in P income statement?