On January $1,2024,$ Nana Company paid $$100,000$ for $7,900$ shares of Papa Company common stock. The ownership in Papa Company is $10\%.$ Nana Company does not have significant influence over Papa Company. Papa reported net income of $$62,000$ for the year ended December $31,2024.$ The fair value of the Papa stock on that date was $$63$ per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December $31,2024?$

Multiple Choice

$1)$$$422,700$

$2)$$$497,700$

$3)$$$437,700$

$4)$$$452,700$