Investment recording methods. Santos Corporation is considering investing in Fenco Corporation, but is unsure about what level of ownership should be undertaken. Santos and Fenco have the following...

Investment recording methods. Santos Corporation is considering investing in Fenco Corporation, but is unsure about what level of ownership should be undertaken. Santos and Fenco have the following reported incomes:

Fenco paid $15,000 in cash dividends to its investors. Prepare a pro forma income statement for Santos Corporation that compares income under 10%, 30%, and 80% ownership levels.