On July 1, 2020,Wave Company purchased short-term investments in equity securities as follows:

Blue Corporation common stock (par $5) 2,000 shares at $16 per share.

Black Company preferred stock (par $20) 1,500 shares at $30 per share.

The quoted market prices per share on December 31, 2020 were as follows:

Blue Corporation stock, $15 per share

Black Company stock, $30 per share

Each of the long-term investments represents 10% of the total shares outstanding. The combined carrying value of the short-term investments reported in the balance sheet at December 31, 2020 would be which of the following?