5. On January 4, 2021, ABC Corp. acquired 30% of the outstanding common stock of Pepsi Co. for $1,300,000. This acquisition gave ABC the ability to exercise significant influence over the investee. The book value of the acquired shares was $1,175,000. Any excess cost over the underlying book value was assigned to a copyright that was undervalued on Pepsi's balance sheet. This copyright has a remaining useful life of ten years. For the year ended December 31, 2021, Pepsi reported net income of $368,000 and paid cash dividends of $107,000. What is the balance that ABC should report as its Investment in Pepsi Co. at December 31, 2021