On July 1, 20X4, Surf Company Purchased Long-Term Investments in Available-For-Sale

On July 1, 20X4, Surf Company purchased long-term investments in available-for-sale securities as follows: Blue Corporation common stock (par $5) 2,000 shares at $16 per share. Black Company preferred stock (par $20) 1,500 shares at $30 per share . The quoted market prices per share on December 31, 20X4 were as follows: Blue Corporation stock, $15 per share Black Company stock, $30 per share Each of the long-term investments represents 10% of the total shares outstanding. The combined carrying value of the long-term investments reported in the statement of financial position at December 31, 20X4 would be which of the following?

A) $77,000
B) $73,500
C) $71,500
D) $75,000