Ramtha Company bought 40% ownership in UAE company on 1-1-2017, at book value. In 2017, 2018, and 2019, UAE reported net income of $16,000, $24,000, and $ $40,000, and dividends of $30,000, $20,000, and $20,000 respectively. During the periods from 2017 to 2019 the market value of Ramtha investment in UAE stock increased by $4000 each year. The balance in Ramtha companys investment account on December 31, 2019, was $104,000

Determine the amount that Ramtha paid for it is investment in UAE stock assuming that Ramtha accounted for it is investment using:

Fair Value Method