On January 1, 2016, Company P owns 100% of Company S that reports a Stockholders' Equity of $1,200,000 and 30,000 shares of $1 par value common stock outstanding. This acquisition was made at book value. During the year, Company S sells 15,000 of its unissued shares to outsiders for $52 per share. What is the balance of Company P's pre-consolidation Equity Investment Account at December 31, 2016? Select one:

A. $-0-

B. $1,980,000

C. $1,560,000

D. $1,320,000