F. Corp	J. Corp	J. Corp
	Book Value	Book Value	Fair Value
Cash & receivables	$ 11,000	$ 300	$ 250
Inventory	$ 12,500	$ 1,700	$ 3,450
PP&E (net)	$ 28,000	$ 2,500	$ 4,100
	$ 51,500	$ 4,500	$ 7,800
Current Payables	$ 7,500	$ 550	$ 600
Long Term Debt	$ 14,000	$ 2,000	$ 1,700
	$ 21,500	$ 2,550	$ 2,300
Net Assets	$ 30,000	$ 1,950	$ 5,500
Equity:
Capital Stock at Par ($1)	$ 6,000	$ 400
Addt'l Paid In Capital	$ 5,000	$ 700
Retained Earnings	$ 19,000	$ 850
Total Equity	$ 30,000	$ 1,950

Suppose that F. Corp acquires 20% of the outstanding shares of J. Corp with cash of $2mm. J. Corp earns $100,000 each year in Net Income and its payout ratio is 15%. What will be the value on F. Corps balance sheet of this investment at the end of Year 3?

A.

$2,106

B.

$2,267

C.

$2,451

D.

$2,064

E.

$2,051