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, 2016 for $42 per share. Phillips' intent is to keep these shares beyond the current year. On December 20, 2016, Martin paid a $4,000,000 cash dividend. On December 31, Martin's stock was trading at $45 per share and Martin reported 2016 net income of $52 million. What investment value will be reflected on Phillips' balance sheet at December 31, 2016?

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