P purchased 100% of S company stock on Jan 1,2018 and paid $70,000 above the book value of the net assets of S. $50,000 differential was related to the equipment that had a remaining useful life of 10 years and the $20,000 of the differential was related to inventory. S company uses FIFO method to record inventory, During the year 2018 , S reported a net income of $80.000 and paid dividend of $10.000. What amount of income will be reported by P for its investment in S for the year 2018 ? Assume P uses the equity method