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Phillips Corporation purchased 1,000,000 shares of Martin Corporation's common stock which constitutes 10% of Martin's voting stock on June 30, 2010 for $42 per share. Phillips' intent is to keep these shares beyond the current year. On December 20, 2010, Martin paid a previously declared $4,000,000 cash dividend. On December 31, Martin's stock was trading at $45 per share and their reported 2010 net income was $52 million. What investment value will be reflected on Phillips' balance sheet at December 31, 2010?

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