Phillips Corporation purchased 1,000,000 shares (10%) of MN Corporation's common stock on June 30, 2017 for $42 per share. On December 20, 2017, MN paid a $4,000,000 cash dividend to its shareholders. On December 31, 2017, MN's stock was trading at $45 per share.

What value will be reported on Phillips' balance sheet at December 31, 2017 for the investment in MN?

$47,200,000

$46,800,000

$45,000,000

$42,000,000