The summarized balance sheets of Cullumber Company and Pharoah Company as of December 31, 2021 are as follows:

Cullumber Company Balance Sheet December 31, 2021
Assets	$3000000
Liabilities	$420000
Capital stock	1475000
Retained earnings	1105000
Total equities	$3000000
Pharoah Company Balance Sheet December 31, 2021
Assets	$2280000
Liabilities	$530000
Capital stock	1390000
Retained earnings	360000
Total equities	$2280000

If Cullumber Company acquired a 20% interest in Pharoah Company on December 31, 2021 for $470000 and the fair value method of accounting for the investment were used, the amount of the debit to Equity Investments (Pharoah) would have been

$470000.

$456000.

$278000.

$350000.