Joji Co. a small and medium enterprise invested $500,000 cash in a joint venture for 50% interest on January 1, 2019. The joint venture reported net income of $200,000 and distributed cash dividend of $60,000 on December 31 2019. As of December 31 2019, the Fair Value of the investment in joint venture is $600,000 and the estimated cost of disposal is 10% of fair value. The value in use of the investment is estimate at 550,000.

Using the cost method, what is the book value of the investment in joint venture to be reported by Joji Co.?

A. 500,000

B. 550,000

C. 600,000