Black Co. and Beauty Co. reported the following balances on January 1, 2019 in their respective trial balances:

Black Co.Beauty Co.

Book ValuesFair ValuesBook ValuesFair Values

Cash 1,500,000 1,500,000350,000350,000

Receivables 375,000 385,000 225,000 220,000

Inventory 125,000 120,000 150,000 135,000

Plant Assets 3,500,000 3,550,0002,000,0002,100,000

Liabilities 2,500,000 2,550,000 1,500,0001,450,000

Ordinary Shares 2,500,000 850,000

Accumulated Profits 500,000 375,000

If Black Co. purchases 80% of the outstanding shares of Beauty Co. for $850,000, determine the shareholders' equity, on the date of acquisition, to be reported by Black Co. in the consolidated statement of financial position if the non-controlling interest is proportionately measured.