Grant, Inc. acquired 30% of South Company’s common stock for $350,000 on January

Grant, Inc. acquired 30% of South Company’s common stock for $350,000 on January 1, 2011. During 2011,South Company reported a net income of $120,000 and paid dividends totaling $30,000. For 2012, SouthCompany earned a $160,000 net income and paid dividends totaling $50,000. On December 31, 2012, Grant,Inc. sold one-half of its investment in South Company for $230,000 cash.Calculate the total increase to Grant, Inc.’s 2012 net income resulting from the investment in SouthCompany’s stock. Do not use decimals in your answer.