Berlin Corporation purchases an investment in Best Pictures, Inc. at a purchase price of $3 million cash, representing 45% of the book value of Best Pictures. During the year, Best Pictures reports net income of $350,000 and pays $90,000 of cash dividends. At the end of the year, the market value of Berlins investment is $3.7 million. What is the year-end balance of the equity investment in Best Pictures? a. $3,000,000 b. $3,117,000 c. $3,157,500 d. $3,260,000 e. $3,700,000