Becker Co. owns 40% of the voting common stock of Ace Services Inc. Becker uses the equity method to account for its investment. On January 1, year 1, the balance in the investment account was $264,000. During year 1, Ace Services reported net income of $220,000 and paid dividends of $50,000. Becker 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.