Question 6 2 pts On January 1, year 1, Hollywood Co. purchased an investment for $800,000 that represented 30% of Devonshire Corp's outstanding voting stock. For year 1. Devonshire reported net income of $120,000 and paid dividends of $40,000. At year end, the fair value of Hollywood's investment in Devonshire was $820,000. Hollywood elected the fair value option for this investment. What amount should Hollywood recognize in net income for year 1 attributable to the investment? $12.000 $32.000 $20,000 $36,000 $16.000