On january 1, 2018, nana company paid $100,000 for 6,900 shares of papa company common stock. the ownership in papa company is 10%. nana company does not have significant influence over papa company. papa reported net income of $64,000 for the year ended december 31, 2018. the fair value of the papa stock on that date was $65 per share. what amount will be reported in the balance sheet of nana company for the investment in papa at december 31, 2018?
a. $373,500.
b. $388,500.
c. $403,500.
d. $448,500.