Ace Co. owns 30% of the voting common stock of Becker Services Inc. Ace uses the equity method to account for its investment. On January 1, year 1, the balance in the investment account was $624,000. During year 1, Becker Services reported net income of $120,000 and paid dividends of $30,000.What is the balance in the investment account as of December 31, year 1? Be sure to show all work to receive full credit.