Phillips Corporation Purchased 1,000,000 Shares of Martin Corporation's Common Stock

Phillips Corporation purchased 1,000,000 shares of Martin Corporation's common stock which constitutes 10% of Martin's voting stock on June 30, 2014 for $42 per share. Phillips' intent is to keep these shares beyond the current year. On December 20, 2014, Martin paid a previously declared $4,000,000 cash dividend. On December 31, Martin's stock was trading at $45 per share and their reported 2014 net income was $52 million. What investment value will be reflected on Phillips' balance sheet at December 31, 2014?

A) $46,800,000
B) $47,200,000
C) $42,000,000
D) $45,000,000