Reed inc. acquired 20% of the common stock of cox corp. for $500,000 on january 1, 20x1. on july 1, 20x1, reed purchased an additional 15% of the stock of cox for $400,000. cox earned net income of $120,000 between january 1 and june 30 and earned $90,000 from july 1 to december 31. what is the income from the investment earned by reed in the year 20x1?