Please show work

Piper Inc. acquired a 30% interest in Shore Corporation for $27,000 cash on January 1, 2020, when Shore's stockholders' equity consisted of $30,000 of capital stock and $20,000 of retained earnings. Shore Corporation reported net income of $18,000 for 2020. The allocation of the $12,000 excess of cost over book value acquired on January 1 is shown below, along with information relating to the useful lives of the items: Overvalued receivables (collected in 2020) $ (600) Undervalued inventories (sold in 2020) 2,400 Undervalued building (6 years' useful life remaining at January 1, 2020 3,600 Undervalued land 900 Unrecorded patent (8 years' economic life remaining at January 1, 2020) 3,200 Undervalued accounts payable (paid in 2020) _(300) Total of excess allocated to identifiable assets and liabilities Goodwill Excess cost over book value acquired 7,200 2,800 $12.000 Required: Determine Pper's investment income from Shore for 2020. Piper Inc. acquired a 30% interest in Shore Corporation for $27,000 cash on January 1, 2020, when Shore's stockholders' equity consisted of $30,000 of capital stock and $20,000 of retained earnings. Shore Corporation reported net income of $18,000 for 2020. The allocation of the $12,000 excess of cost over book value acquired on January 1 is shown below, along with information relating to the useful lives of the items: Overvalued receivables (collected in 2020) $ (600) Undervalued inventories (sold in 2020) 2,400 Undervalued building (6 years' useful life remaining at January 1, 2020 3,600 Undervalued land 900 Unrecorded patent (8 years' economic life remaining at January 1, 2020) 3,200 Undervalued accounts payable (paid in 2020) _(300) Total of excess allocated to identifiable assets and liabilities Goodwill Excess cost over book value acquired 7,200 2,800 $12.000 Required: Determine Pper's investment income from Shore for 2020