Photo Finish Corporation Bought a 40% Interest in the Voting

Multiple Choice

Photo Finish Corporation bought a 40% interest in the voting stock of Click It Corporation's $1 par value common stock for $20 million (2 million shares at a $10 market price) on March 31,2011.On December 31,2011,Click It paid a $1 million cash dividend declared earlier in 2011 and reported net income for the year ended 2011 of $10 million.On December 31,2011,Click It's stock was trading at $11.50 per share.At what amount will the Click It investment be reported on Photo Finish's December 31,2011 balance sheet?

A) $20,000,000
B) $23,000,000
C) $23,600,000
D) $24,000,000