On January 2, Cullumber Corporation acquired 40% of the outstanding common stock of Ivanhoe Company for $600800. For the year ended December 31, Ivanhoe reported net income of $94000 and paid cash dividends of $30000 on its common stock. At December 31, the carrying value of Cullumber's investment in Ivanhoe under the equity method is

$600800.

$639200.

$626400.

$588000.