Question $5$

$5$ pts

On January $1,$ year $1,$ firm ABC bought $35\%$ of the common stock of FXC for $$304,000$ cash. At the date of acquisition, FXC$\text{'}$s net assets had a fair value of $$920,000.$ Their book value was $$820,000.$ The difference was attributable equally to the buildings and its land. FXC$\text{'}$s net income for year $1,$ was $$152,000.$ During year $1,$ FXC paid dividend of $$130,000.$ The buildings have a remaining life of $10$ years.

Required: What does ABC record as investment revenue from FXC in year $1?$