Lane Corporation purchases an investment in Trax, Inc. at a purchase price of $8 million cash, representing 30% of the book value ofTrax, Inc. During the year, Trax reports net income of $1,400,000 and pays $300,000 of cash dividends. At the end of the year, the market value of Lanes investment is $9.2 million. Calculate the year-end balance of the equity investment in Trax