34 sessment e to search Multiple Choice On January 1, 2022, Penn Warren Company bought 30% of the outstanding shares of Clark Corporation common stock at a cost of $450,000. Penn Warren uses the equity method of accounting for this investment. During 2022, Clark Corporation reported $120,000 of net income and paid a total of $15,000 in cash dividends. At the end of 2022, the shares had a fair value of $480,000 What investment balance will be reported on Penn Warren's December 31, 2022 balance sheet? $481,500. $486,000. $511,500. 99 2 < Prev Saved 1' 20 of 25 www Sm kt > Help Desktop Save & Exit Feels colder Sub