On January 2, 2018, Baltimore company purchased 8,000 shares of the stock of Towson company at $12 per share.

Baltimore did NOT obtain significant influence as the purchases represents a 5% ownership stake in townson company. On August 1, 2018, Towson company paid cash dividends of $21,000. Baltimore company intended this investment to a long-term investment. On December 31, 2018, Towson company reported $80,000 of net income for FY 2018. Additionally, the current market price for Towson Companys stock increased to $22 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.

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