XYZ Corp purchased 250,000 shares of ABC, Inc. common stock for $10 per share on January 1, 2020. ABC, Inc. has 1,000,000 shares issued and outstanding. ABC, Inc. had the following Assets and Liabilities at January 1, 2020:

Book Value Fair Value

Equipment $1,500,000 $2,500,000

Building 1,000,000 3,000,000

Land 1,000,000 2,000,000

Patent 0 1,000,000

Other assets 500,000 500,000

ABC, Inc. paid a dividend of $1.00 per common stock share on October 15, 2020. ABC, Inc. reported Net Income of $2,000,000 for the year ended December 31, 2020. The fair value of ABC, Inc. common stock on December 31, 2020 is $12.00/share. The remaining useful life for the equipment is 5 years, the building is 20 years and the patent is 10 years. XYZ Corp uses straight-line depreciation.

What is the impact on XYZ Corps 2020 Net Income for the above transactions (ignore income taxes)?