Providence Corporation makes an equity-method investment in Southhampton Inc. at a purchase price of $3.4 million cash, representing 30% (at book value) of Southampton. During the year, Southhampton reports net income of $985,000 and Providence receives $675,000 of cash dividends from Southhampton. At the end of the year, the market value of Providence’s investment is $3.1 million. At year end, what does Providence corporation report on its balance sheet for its investment in Southhampton Inc.? a) $3,710,000 b) $3,400,000 c) $3,100,000 d) $3,020,500 e) none of the above