On January 2, Matthews Corporation acquired 20% of the outstanding common stock of Dennehy Company for $450,000. For the year ended December 31, Dennehy reported net income of $90,000 and paid cash dividends of $30,000 on its common stock. On December 31, the carrying value of Matthews investment in Dennehy under the equity method is

A.$450,000.

B.$462,000.

C.$456,000.

D.$444,000.