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 Accounts Receivable Inventory (FIFO basis) Land Buildings & Equipmont Less: Accumulated Depreciation Patent $ 40,000 80,000 120,000 50,000 500,000 (240,000) $ 40,000 80,000 150,000 65,000 320,000 25,000 $180.000 $550.000 $ 30,000 100,000 Total Assets Liabilities & Equities Accounts Payable Bonds Payable Common Stock Additional Paid In Capital Retained Earnings Total Liabilities & Equities $ 30,000 100,000 150,000 20,000 250,000 $550.000 The estimated economic life of the patents held by Symbol is 10 year. The buildings and equipment are expected to last 12 more years on averago, Symbol paid dividends of 9000 during 2032 and reported net income of $80,000 for the year 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 S9,000 during 20X2 and reported net income of $80,000 for the year. Required Compute the amount of investment income (los) 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