In January, 2020, Brown Company acquired 20% of the outstanding common stock of Green Company for $500,000. This investment gave Brown the ability to exercise significant influence over Green. Green's assets on that date were recorded at $2,900,000 with liabilities of $900,000. Any excess over book value of the investment was attributed to a patent having a remaining useful life of 10 years.

In 2020, Green reported net income of $150,000. In 2021, Green reported net income of $175,000. Dividends of $50,000 were paid in each of these two years. What is the equity method balance of Brown's investment in Green at December 31, 2021? Show the required journal entries that are used to determine the ending balance in the investment account.