On January 2, 2018, Surfside Co. purchased 12,000 shares of Sand, Inc. for $240,000. The investment represented 12% of Sand's outstanding shares. On December 31, 2018 each share of Sand was selling for $19 per share and on December 31, 2019 each share of Sand was selling for $23 per share. Sand declared and paid dividends totaling $20,000 in 2018 and 2019. What was the total amount reported on the income statement in 2019 by Surfside for its investment in Sand?

A.) $38,400

B. ) $45,600

C.) $2,400

D.) $50,400