44) Wellington owns 30% of Boot, which it purc hased on 1 May 20X7 for $2.5 million. At that date Boot had retained earnings of $5.3 million. At the yearend date of 31 October 20X7 Boot had retained earnings of $6.4 million after paying out a dividend of $1 million. On 30 September 20X7 Wellington sol d $700,000 of goods to Boot, on which it made 30% profit. Boot had resold none of these goods by 31 C ompiled by Dakito Alemu (Ph.D) October. At what amount will Wellington record its investment in Boot in its consolidated statement of financial position at 31 October 20X7? $ _____________ ____________________________