On January 6, 2017, Michael Company acquired 4,000 shares (or 10%) of George Corporation's common stock at $25 per share. The securities are classified as trading securities. On October 24, 2017, George declared and paid a cash dividend of $1 per share. On December 31, 2017, the market value of George’s common stock was $35 per share. George also reported a net income of $250,000 for 2017. At what value should Michael report the investment in George's common stock on its December 31, 2017 balance sheet?