Madison Corporation purchases an investment in Lake Geneva, Inc. at a purchase price of $9 million cash, representing 40% of the book value of Lake Geneva, Inc. During the year, Lake Geneva reports net income of $1,530,000 and pays $377,100 of cash dividends. At the end of the year, the market value of Madison's investment is $11 million. What is the year-end balance of the equity investment in Lake Geneva? Select one: a. $9,612,000 b. $9,461,160 C. $9,000,000 d. $11,000,000 e. $10,152,900