Assume an investee as the following financial statement information for the two years ending December 31, 2019:

(At December 31) 2019 2018

Current assets $290,000 $274,000 Tangible fixed assets 665,000 577,000 Intangible assets 41,000 46,000

Current liabilities $121,000 $111,000 Noncurrent liabilities 268,000 245,000 Common stock 242,000 217,000 Additional Paid In Capital 45,000 44,000 Retained earnings 394,000 347,000

(For the years ended December 31) Revenues $965,000 $906,000 Expenses 861,000 806,000

Dividends $38,000 $33,000

Assume on January 1, 2018, an investor company purchased 100% of the outstanding voting common stock of the investee. On the date of the acquisition, the investee's identifiable net assets had fair values that approximated their historical book values, except for tangible fixed assets, which had fair value that was $103,000 higher than the investee's recorded book value. The tangible fixed assets had a remaining useful life of 6 years. In addition, the acquisition resulted in goodwill in the amount of $220,000 recognized in the consolidated financial statements of the investor company. Assume that the investor company uses the equity method to account for its investment in the investee. Calculate the balance in the Equity Investment account in the investor company's pre-consolidation balance sheet on December 31, 2019.