Jaynes Inc. obtained all of Aaron's Co.'s common stock on Jan. 1, 2014 by issuing 11,000 shares of $1 par value common stock. Jayne's shares had a value of $17 per share. On that date, Aaron Co. reported a net book value of $120,000. However, its equipment (with a five-year remaining life) was undervalued by $6,000 in the company's accounting records. Any excess of cost over fair value is assigned to an unrecorded patent to be amortized over ten years. The following figures came from the individual accounting records of these two companies as of Dec. 31, 2014

Jayne Inc. Aaron Co

Revenue $720,000 $276,000

Expenses $528,000 $144,000

Dividends paid $100,000 $60,000

(The following figures are from Dec. 31, 2015)

Revenue $840,000 $336,000

Expenses $552,000 $180,000

Dividends paid $110,000 $50,000

Equipment $600,000 $360,000

Retained earnings (12/31/15 balance) $960,000 $216,000

If this combination is viewed as a purchase, What balance would Jaynes investment in Aaron Co. account have shown Dec. 31, 2015, When using the equity method?