Eton Corporation acquires 30% of the voting stock of Fairfield Company for $60,000,000 on January 1, 2019, and classifies the investment as an equity method investment. At the time, the book value of the company was $200,000,000. Eton determined that the book value of Fairfields plant assets (15 year life, straight-line) were overstated by $10,000,000 and Fairfield had unreported intangible assets (5 year life, straight-line) with a fair value of $8,000,000. During 2019 Fairfield reported net income of $2,400,000 and declared and paid dividends of $1,000,000. Both companies have December 31 year-ends.

At what amount will Eton report its investment in Fairfield on its December 31, 2019 balance sheet?

a. $60,000,000

b. $60,140,000

c. $60,540,000

d. $60,040,000