On January 1, 2020, Carole Company purchased 12,000 shares (14%) of Howard Corporation's outstanding common stock for $230,000 cash. Howard's 2020 net income was $3,600,000. Howard also paid a dividend of $1.32 per share during 2020. The fair value of the shares was $21 per share on December 31, 2020. For what amount should Carole report its investment in Howard Corporation on its December 31, 2020 balance sheet