Jimmy Inc. bought 25% of Choo Company on January 1, 2019 for $681,000. The equity method of accounting was used. The book value and fair value of the net assets of Choo on that date were $2,274,000. Choo began supplying inventory to Jimmy as follows: Cost to Transfer Amount Held by Year Choo Price Jimmy at Year- End 2019 $56,000 $120,000 $24,000* 2020 $80,000 $160,000 $64,000 Choo reported net income of $304,000 in 2019 and $324,000 in 2020 while paying $60,000 in dividends each year. What is the reported balance of Investment in Choo Company at December 31, 2020? [9 points] [*Assume the unsold 2019 inventory of $24,000 was sold in 2020]