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 30,2010 for $42 per share.Phillips' intent is to keep these shares beyond the current year.On December 20,2010,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 2010 net income was $52 million.What investment value will be reflected on Phillips' balance sheet at December 31,2010?

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