29. Billy Company accounts for its 40% investment in Joel Corporation under the equity method of accounting. The investment was made on January 1, 20X3, at a cost of $710,000. Joel reported net income of $400,000 for the year ended December 31, 20X3, and paid total dividends of $180,000 during 20X3. On December 31, 20X3, after making all appropriate entries, the balance in Billy Company's Investment in Joel account will equal A. $930,000 $870,000 $798,000 $690,000 $638,000