Champaign Corporation purchases 45% of the common stock of Rockville, Inc. at a purchase price of $19.4 million cash. During the year, Rockville reports net income of $2,664,000 and pays $489,600 of cash dividends. At the end of the year, the market value of Champaigns investment is $21.3 million. What is the year-end balance of the equity investment in Rockville?

Select one:

a. $23,474,400

b. $20,378,480

c. $19,400,000

d. None of these are correct

e. $22,553,600