Gibson Inc. acquired a 28% interest in Sullivan Co. on January 1, 2021, for $320,000. During 2021, Sullivan reported net income of $184,000, and paid a total cash dividend to shareholders in the amount of $48,000. Gibson uses the equity method to account for this investment. At the end of 2021, Gibson will report the following debit balance in the investment account:

Question 5 options:

	$358,080
	$371,250
	$384,960
	$320,000