16. Matador, Inc. owns 30% of the outstanding stock of Bruins Company and has the ability to significantly influence the investee's operations and decision making. On January 1, 2019 the balance in the Investment in Bruins account is $420,000. Amortization associated with this acquisition is $5,000 per year. In 2019, Bruins earned an income of $80,000 and paid cash dividends of $20,000 in 2019, Bruins had sold inventory costing $36,000 to Matador for $45,000. Matador consumed all but 35% of this merchandise during 2019 and used the rest during 2020. In 2020 Bruins earned an income of $100,000 and paid cash dividends of $25,000. Bruins sold inventory costing $45.000 Matador for $ 60,000 in 2020. Matador did not consume 45 % of these 2020 purchases from Bruins until 2021. What is the equity method balance in the Investment in Bruins account at the end of 2020?