P purchased 100% of S Company stock for $800,000 on Jan, 2018. The books value of the net assets of S was $650,000. The fair value of the net assets of S was equal to their book value except for land which had a fair value of $100,000 more than the book value and equipment which had a fair value of $60,000 more than the book value. The remaining useful life of equipment is ten years. S reported a net income of $60,000 and a dividend payment of $12,000 during the year 2018. What amount of income will be reported by P for its investment in S for the year 2018? Assume P uses the equity method.

		$60,000
		$54,000
		$160,000
		$48,000