On January 1, 2021, Nana Company paid $100,000 for 8,000 shares of Papa Company's common stock. The ownership in Papa Company is 10%. Papa reported net income of $52,000 for the year ended December 31, 2021. The fair value of the Papa stock on that date was $45 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2021?
A. $315,600.
B. $300,000.
C. $360,000.
D. $284,400.
Answer: C
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