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On January 1, 2018, Nana Company paid $100,000 for 6,200 shares of Papa Company common stock. The ownership in Papa Company is 10%. Nana

On January 1, 2018, Nana Company paid $100,000 for 6,200 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 $51,000 for the year ended December 31, 2018. The fair value of the Papa stock on that date was $59 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2018?

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