Simpson Co. received dividends from its common stock investments during the year ended December 31, Year One, as follows:

A cash dividend of P8,000 from Wren Corp., in which Simpson owns a 2% interest.

A cash dividend of P45,000 from Brill Corp., in which Simpson owns a 30% interest. This investment is appropriately accounted for using the equity method.

In Simpson's Year One income statement, dividend income should be:

a. P45,000.

b. P8,000.

c. P53,000.

d. Zero