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Cobb Co. purchased 10,000 shares (2% ownership) of Roe Co. on February 12, Year 1. Cobb received a stock dividend of 2,000 shares on March 31, Year 1, when the carrying amount per share on Roe's books was $35 and the market value per share was $40. Roe paid a cash dividend of $1.50 per share on September 15, Year 1. In Cobb's income statement for the year ended October 31, Year 1, what amount should Cobb report as dividend income?
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