QUESTION 13 1 points Save Answer Mercury, Inc. bought 27% of Queen Corp.'s outstanding common stock on January 2, 2018, for $500,000. The carrying amount of Queen's net assets at the purchase date totaled $1,500,000. Fair values and carrying amounts were the same for all items except for plant and inventory, for which fair values exceeded their carrying amounts by $135,000 and $27,000, respectively. The plant has a five-year life. All inventory was sold during 2018. During 2018, Hermes reported net income of $180,100 and paid a $20,000 cash dividend. There is no impairment of goodwill during 2018. Assume that Mercury uses the equity method to account for this investment. What amount should Mercury report in its income statement from its investment in Hermes for the year ended December 31, 2018