P Company purchased 90% of the outstanding voting shares of S Company at January 1, 2021 for $900,000. At the time of purchase, S Companys total stockholders equity is $1,000,000. S Company reported net income in 2021 of $50,000 and in 2022 of $60,000. P Company received $12,000 dividends from S Company in 2021 and $15,000 in 2022. P Company uses the cost method to record its investment. The balance of P Companys Investment in S Company account at December 31, 2022 is:

a) $900,000. b) $972,000. c) $801,000. d) $763,000.

please show work