Lemon Inc. bought 40% of Jill Co. on January 1, 2022 for $579,500. The equity method of accounting was used. The book value and fair value of the net assets of Jill on that date were $1,500,000. Lemon began supplying inventory to Jill as follows: Year Cost to Lemon Transfer Price Amount Held by Jill at Year-End 2022 $ 55,000 $ 75,000 $15,000 2023 $ 70,000 $ 110,000 $55,000 Jill reported net income of $100,000 in 2022 and $120,000 in 2023 while paying $30,000 in dividends each year. What is the balance in Lemon's Investment in Jill account at December 31, 2023?

a. $627,500

b. $619,500

c. $579,500

d. $1,500,000

e. $635,500