On January 1, 2016, Nana Company paid $100,000 for 8,600 shares of Papa Company common stock. These securities were classified as trading securities. The ownership in Papa Company is 10%. Papa reported net income of $55,000 for the year ended December 31, 2016. The fair value of the Papa stock on that date was $56 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2016?

A $406,600.

B $481,600.

C $436,600.

D $421,600.