$48.$ on January $1,20$X$4,$ Griffin, Inc. purchased $12\%$ of Water Co$.\text{'}$s common stock. On September $1,20$x$4,$ Griffin purchased additionPater shares, bringing its ownership up to $35\%$ of Water'scommon stock outstanding. During December $20$X$4,$ Water declared and paid a cash dividend on a$$ of its outstanding common stock, Griffin uses the equity method to account for its investment in Water. How much income from the Water investment should Griffin's $20$X$4$ income statement report?A$.12\%$ of Water's income for January $1$ to August $31,20$X$4,$ plus $35\%$ of Water's income for September $1$ to December $31,20$X$4.8.35\%$ of Water's income for September $1$ to December $31,20$x$4$ only.$$ C$.35\%$ of Water's $20$X$4$ income. D$.$ Amount equal to dividends received from Water.