Franklin purchases 40 percent of Johnson Company on January 1 for $616,400. Although Franklin did not use it, this acquisition gave Franklin the ability to apply significant influence to Johnsons operating and financing policies. Johnson reports assets on that date of $1,498,000 with liabilities of $523,000. One building with a seven-year remaining life is undervalued on Johnsons books by $283,500. Also, Johnsons book value for its trademark (10-year remaining life) is undervalued by $282,500. During the year, Johnson reports net income of $151,000 while declaring dividends of $80,000. What is the Investment in Johnson Company balance (equity method) in Franklins financial records as of December 31?