Cullumber, Inc. acquired 40% of Vaughn Corporation's voting stock on January 1, 2021 for $1010000. During 2021, Vaughn earned $403000 and paid dividends of $252000. Cullumber's 40% interest in Vaughn gives Cullumber the ability to exercise significant influence over Vaughn's operating and financial policies. During 2022, Vaughn earned $503000 and paid cash dividends of $152000 on April 1 and $152000 on October 1. On July 1, 2022, Cullumber sold half of its stock in Vaughn for $663000 cash. The carrying amount of this investment in Cullumber's December 31, 2021 balance sheet should be

$1070400.

$1171200.

$1010000.

$1211200.