TB MC Qu. 12-65 (Algo) On January 2, 2020, Howdy Doody Corporation... On January 2, 2020, Howdy Doody Corporation purchased 16% of Ranger Corporation's common stock for $56,000. Ranger's net Income for the years ended December 31, 2020, and December 31, 2021, were $11,000 and $54,000, respectively. During 2020, Ranger declared and paid a dividend of $66,500. On December 31, 2020, the fair value of the Ranger stock owned by Howdy Doody had Increased to $65,000. How much should Howdy Doody show in the 2020 Income statement as Income from this Investment? Multiple Choice $19,640. $9,000. $15,000. $10,640