At the beginning of the year, Goldman Company purchased 20,000 of the 40,000 shares of common stock of Buchanan Corporation at $60 per share as a long-term investment. Goldman can exercise significant influence over Buchanan and properly records the investment using the equity method. The records of Buchanan Corporation showed the following by the end of the year:

Net income	$550,000
Dividends paid	$250,000
Market price per share	$ 58

What amount should Goldman Company report in its year-end balance sheet for its investment in Buchanan?

Multiple Choice

$1,600,000

$1,200,000

$1,350,000

$1,475,000