On January 2, 2021, Garner, Inc. bought 30% of the outstanding common stock of Moody, Inc. for $60 million cash. At the date of acquisition of the stock, Moodys net assets had a book value and fair value of $180 million. Moodys net income for the year ended December 31, 2021, was $30 million. During 2021, Moody declared and paid cash dividends of $6 million. On December 31, 2021, the fair value of 100% of Moodys stock was $650 million. On December 31, 2021, Garners investment account should be reported at:

Multiple Choice

• $71.1 million.

• $60.0 million.

• $67.2 million.

• $65.0 million.