On January 1, 2024, Nana Company paid $100,000 for 8,100 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 $55,000 for the year ended December 31, 2024. The fair value of the Papa stock on that date was $55 per share. What amount will be reported in the balance sheet of Nana Company for the investment in Papa at December 31, 2024?

A: $400,500

B: $445,500

C: $385,500

D: $370,500