Gardner Corp. owns 80% of the voting common stock of Lockhart Co. Lockhart owns 70% of Canning Co. Gardner and Lockhart both use the initial value method to account for their investments. The following information is available from the financial statements and records of the three companies: Gardner Corp. Lockhart Co. Canning Co. Separate company net income before investment income$900,000$650,000$150,000 Dividend income from investment in subsidiary250,000120,000 Deferral of intra-entity gains110,00080,00020,000 Amortization expense related to excess fair value over book value of investment 40,00025,000 Separate company net income includes intra-entity gains before the consolidating deferral but does not include dividend income from investment in subsidiary. What amount of dividends should Gardner Corp. recognize in its consolidated net income with respect to dividends received from Canning Co.