On January 1, 2019, Perry Corporation acquired 30 percent of the outstanding shares of Sanders Corporation for $200,000 cash. Sanders Company reported net income of $60,000 and paid dividends of $20,000 for both 2019 and 2020. Based on the preceding information, what amount will be reported by Perry as balance in Investment in Sanders on December 31, 2020, if it used the equity method of accounting? $224,000 $280,000 $200,000 O $236,000