Green Corp. owns 30% of the outstanding common stock and 100% of the outstanding
noncumulative nonvoting preferred stock of Axel Corp. In Year 1, Axel declared dividends of
$100,000 on its common stock and $60,000 on its preferred stock. Green exercises
significant influence over Axel’s operations and uses the equity method to account for the
investment in the common stock. What amount of dividend revenue should Green report in
its income statement for the year ended December 31, Year 1?