January 2, 2018, Baltimore Company purchased 14,000 shares of the

stock of Towson Company at $13 per share. Baltimore obtained significant influence as the purchase represents a 35% ownership stake in Towson Company.

On August 1, 2018, Towson Company paid cash dividends of $27,000. Baltimore Company intended this investment to a long-term investment.

On December 31, 2018, Towson Company reported $50,000 of net income for FY 2018. Additionally, the current market price for Towson Company’s stock increased to $19 per share at the end of the year. Use this information to determine, how much Baltimore Company should report for its investment in Towson Company on December 31, 2018.