Sunland, Inc. acquired 40% of Cheyenne Corporation's voting stock on January 1, 2021 for $940000. During 2021, Cheyenne earned $382000 and paid dividends of $238000. Sunland's 40% interest in Cheyenne gives Sunland the ability to exercise significant influence over Cheyenne's operating and financial policies. During 2022, Cheyenne earned $482000 and paid cash dividends of $138000 on April 1 and $138000 on October 1. On July 1, 2022, Sunland sold half of its stock in Cheyenne for $642000 cash.

The carrying amount of this investment in Sunland's December 31, 2021 balance sheet should be

$940000.

$1092800.

$997600.

$1132800.