On July $1,$ Year $2,$ Dover Corp. purchased $3,000$ shares of Beagle Co$.$s $10,000$ outstanding shares of common stock for $$20$ per share.$$ On December $15,$ Year $2,$ Beagle paid $$40,000$ in dividends to its common stockholders. Beagle$$s net income for the year ended December $31,$ Year $2,$ was $$120,000,$ earned evenly throughout the year.$$ Dover uses the equity method to account for its shares in Beagle. In its Year $2$ income statement, the amount of income from this investment that Dover should report is $$12,000.$

Group of answer choices

True.

False.