On June 1, 2021, Kajiado Co. purchased 83,000 of Kibwezi, Inc.'s common stock, 15% of the company's outstanding shares, for $9.60 a share. At the end of 2021, Kibwezi, Inc.'s stock price was $9.89 a share. On February 1, 2022, Kajiado Co. purchased an additional 83,000 shares for $8.90 per share. What will Kajiado Co. record as the book value of the shares purchased in 2021 when they transfer them from the company's fair value investment account to an equity method investment account?

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When Kajiado Co transfers the shares purchased in 2021 from the fair value investment account to the ... View the full answer