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 2023, S sold merchandise to P cost 32,000 for $40,000.On 31/12/2023,75% of this merchandise is still in P inventory. Separate incomes for P&S are summarized as follows: S P Sales 900,000 200,000 Cost of sales 400,000 100,000 Gross profit 500,000 100,000 Operating expenses 200,000 80,000 Separate income 300,000 20,000 what is the amount of Income from S reported in P income statement?