On January 1, 2022, KCG Inc. paid $145,000 to purchase 20% of the 100,000 outstanding voting common shares of EMG Ltd. The remaining shares are owned equally by three unrelated entities. KCG Inc. uses the equity method to account for its investment. The following is information related to EMG Ltd for the years ending December 31: 2022 2023 Net income $65,000 $100,000 Dividends (declared and paid on Dec. 31) 25,000 35,000 Fair market value at Dec. 31 (per share) $ 6.50 8.00 At what value should KCG Ltd. report its investment in EMG Ltd. on its December 31, 2023 statement of financial position? $178,000 $166,000 $145,000 $160,000