On January 1,2012,Gilman Company Purchased 10,000 of the 200,000 Shares

Multiple Choice

On January 1,2012,Gilman Company purchased 10,000 of the 200,000 shares of common stock of Burke Corporation at $40 per share as a long-term investment.The records of Burke Corporation showed the following at December 31,2012:
$$\begin{array} { | l | l | } \hline \text { Net Income } & \$ 500,000 \\\hline \text { Dividends Paid } & \$ 200,000 \\\hline \text { Market Price per Share } & \$ 38 \\\hline\end{array}$$
What amount should Gilman Company report in its December 31,2012,balance sheet for its investment in Burke?

A) $380,000.
B) $400,000.
C) $415,000.
D) $425,000.