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On January 1, 2021, Alison Company bought a 15 percent interest in Simmons Company. The acquisition price of $187,500 reflected an assessment that all of Simmons's accounts were fairlylyalued within the company's accounting records. During 2021. Simmons reported net income of $101,600 and declared cash dividends of $30,500. Alison possessed the ability to significantly influence Simmons's operations and, therefore, accounted for this investment using the equity method. On January 1, 2022, Alison acquired an additional 80 percent interest in Simmons for $1,403,200. The price paid for the 80 percent acquisition was proportionate to Simmons's total fair value. On that date, the book value of Simmons's assets and liabilities approximated their fair value except an unrecorded customer contract of $401,000 with four years of remaining life. To record the January 1, 2022 acquisition of an additional 80 percent ownership of Simmons Company shares, Alison should credit Gain on Revaluation of Simmons at: $0 O $75,600 O $18,720 $64.935