Franklin purchases $40$ percent of Johnson Company on January $1$ for $$576,700.$ Although Franklin did not use it$,$ this acquisition gave Franklin the ability to apply significant influence to Johnson's operating and financing policies. Johnson reports assets on that date of $$1,484,000$ with liabilities of $$544,000.$ One building with a seven$-$year remaining life is undervalued on Johnson's books by $$229,250.$ Also, Johnson's book value for its trademark $(10-$year remaining life$)$ is undervalued by $$272,500.$ During the year, Johnson reports net income of $$137,000$ while declaring dividends of $$80,000.$ What is the Investment in Johnson Company balance $($equity method$)$ in Franklin's financial records as of December $31?$

Multiple Choice

$$575,500.$

$$630,300.$

$$599,500.$