Swifty Ltd. invested $1,250,000 in Gloven Corp. early in the current year, receiving 25% of its outstanding shares. At the time of the purchase, Gloven had a carrying amount of $3,637,500. Gloven pays out 35% of its net income in dividends each year. Assume that Swifty applies IFRS and that the 25% holding of Gloven shares is enough to enable Swifty to significantly influence the operating, investing, and financing decisions of Gloven. Use the information in the following T account for the investment in Gloven to answer the following questions: (a) How much was Swifty's share of Gloven's net income for the year? Share of Swifty in Gloven's net income $ Swifty Ltd. invested $1,250,000 in Gloven Corp. early in the current year, receiving 25% of its outstanding shares. At the time of the purchase, Gloven had a carrying amount of $3,637,500. Gloven pays out 35% of its net income in dividends each year. Assume that Swifty applies IFRS and that the 25% holding of Gloven shares is enough to enable Swifty to significantly influence the operating, investing, and financing decisions of Gloven. Use the information in the following T account for the investment in Gloven to answer the following questions: (a) How much was Swifty's share of Gloven's net income for the year? Share of Swifty in Gloven's net income $