Peace Company issued common shares with a par value of $50,000 and a market value of $165,000 in exchange for 30 percent ownership of Symbol Corporation on January 1, 20X2. Symbol reported the following balances on that date:

SYMBOL CORPORATION

Balance Sheet January 1, 20X2

Book Value Fair Value

Assets

Cash $40,000 $40,000

Accounts Receivable 80,000 80,000

Inventory (FIFO basis) 120,000 150,000

Land 50,000 65,000

Buildings & Equipment 500,000 320,000

Less: Accumulated Depreciation(240,000)

Patent 25,000

Total Assets $550,000 $680,000

Liabilities & Equities

Accounts Payable $30,000 $30,000

Bonds Payable 100,000 100,000

Common Stock 150,000

Additional Paid-In Capital 20,000

Retained Earnings 250,000

Total Liabilities & Equities $550,000

The estimated economic life of the patents held by Symbol is 10 years. The buildings and equipment are expected to last 12 more years on average. Symbol paid dividends of $9,000 during 20X2 and reported net income of $80,000 for the year.

Required

Compute the amount of investment income (loss) reported by Peace from its investment in Symbol for 20X2 and the balance in the investment account on December 31, 20X2, assuming the equity method is used in accounting for the investment.