Plack Co. purchased 10,000 shares (2% ownership) of Ty
Corp. on February 14, year 1. Plack received a stock dividend of
2,000 shares on April 30, year 1, when the market value per share
was $35. Ty paid a cash dividend of $2 per share on December
15, year 1. In its year 1 income statement, what amount
should Plack report as dividend income?