Champaign Corporation purchases 45% of the common stock of Rockville, Inc. at a purchase price of $21.6 million cash. During the year, Rockville reports net income of $2,960,000 and pays $544,000 of cash dividends. At the end of the year, the market value of Champaigns investment is $23.7 million. What is the year-end balance of the equity investment in Rockville?

Select one:

A. $22,687,200

B. $25,010,000

C. $24,332,500

D. $21,600,000

E. None of the above