On January 1, 2016 Toppers corp. purchased 25% of the common shares of great lakes corp for $400,000. During 2016, Great lakes Corp. reported profits of $60,000 and paid total cash dividends of $12,000. The balance in the investment in associates ( Great lakes) accounts on toppers books at Dec. 31, 2016. is

a) $412,000

b) 460,000

c) 415,000

d) 400,000