Jimmy Inc. bought 30% 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 $55,000 $125,000 $25,000 2020 $80,000 $160,000 $64,000 Choo reported net income of $322,000 in 2019 and $324,000 in 2020 while paying $66,000 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 $25,000 was sold in 2020)