Farmer Corporation purchases 30% of the common stock of Jackson, Inc. at a purchase price of $13.5 million cash. Farmer has no significant influence over Jackson. During the year, Jackson reports net income of $1,800,000 and pays $340,000 of cash dividends. At the end of the year, the market value of Farmers investment is $14.8 million.

What is the year-end balance of the equity investment in Jackson reported on the Balance Sheet?