Scott Co Paid $2,800,000 to Acquire All of the Common Stock

Multiple Choice

Scott Co. paid $2,800,000 to acquire all of the common stock of Dawn Corp. on January 1, 2020. Dawn's reported earnings for 2020 totaled $512,000, and it paid $160,000 in dividends during the year. The amortization of allocations related to the investment was $28,000. Scott's net income, not including the investment, was $3,310,000, and it paid dividends of $950,000.On the consolidated financial statements for 2020, what amount should have been shown for Equity in Subsidiary Earnings?

A) $-0-
B) $132,000.
C) $160,000.
D) $484,000.
E) $512,000.