Jared Inc. acquired all of the outstanding common stock of Modern Co. on January 1, 2018, for $258,000. Annual amortization of $19,000 resulted from this acquisition. Jared reported net income of $70,000 in 2018 and $50,000 in 2019 and paid $22,000 in dividends each year. Modern reported net income of $40,000 in 2018 and $47,000 in 2019 and paid $10,000 in dividends each year. What is the Investment in Modern Co. balance on Jared's books as of December 31, 2019, if the equity method has been applied?