Question - George Company owns 15% of the common stock of Thomas Corporation and used the fair-value method to account for this investment. Thomas reported net income of $110,000 for the year 20x1 and paid dividends of $60,000 on October 1, 20x1. How much income should George recognize on this investment in 20x1?
$16,500
$9,000
$25,500
$7,500
$60,000