On $1/3/20$ Jani Corporation purchased $55,000$ shares $(26\%)$ of Austin Company at a cost of $$8$ per

share. At the end of $2020$ Austin Company reported net income of $$350,000.$

The journal entry to be recorded by Jani at the end of the year includes:

A$.$ No entry is needed.

B$.$ Equity Investment: Credit $$91,000$

C$.$ Equity Investment: Debit $$91,000$

D$.$ Equity Investment: Debit $$440,000$

E$.$ Investment Income: Credit $$350,000$

On $1/3/20$ Jani Corporation purchased $55,000$ shares $(26\%)$ of Austin Company at a cost of $$8$ per

share. At the end of $2020$ Austin Company reported net income of $$350,000.$ In early $2021,$ Austin Company paid a $$75,000$ dividend. Austin Company reported a $$215,000$ net loss $($all ordinary$)$ in $2021.$

How much is the balance of Jani's Equity Investment account at the end of $2021?$

A$.440,000$

B$.455,600$

C$.459,500$

D$.494,600$

E$.531,000$