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, 20X4 for $42 per share. Phillips' intent is to keep these shares beyond the current year. On December 20, 20X4, 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 20X4 net income was $52 million. What investment value will be reflected on Phillips' statement of financial position at December 31, 20X4?

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