_____ on 3/31/06, Ponzico Acquired 100% of the Outstanding Common

_____ On 3/31/06, Ponzico acquired 100% of the outstanding common stock of Schemex for $700,000 cash. For 2006, Schemex reported the following items:
In addition, amortization of cost in excess of book value for 2006 was $30,000. Assume non-push-down accounting is used. Under the cost method, what is the carrying value of the Investment account at 12/31/06?

A) $660,000
B) $670,000
C) $690,000
D) $700,000
E) $870,000