Nes Corporation owned 20% of Jacques Company preference share capital and 50% of the ordinary share capital. Jacques Company's share capital outstanding comprised the following at year-end:

10% cumulative preference share capital - 2,000,000

Ordinary share capital - 7,000,000

Jacques Company reported net income of $5,000,000 for the current year. What amount should be the balance of Investment in Jacques Company at the end of the end of the current year if the share capital of Jacques Company are non-cumulative and that Jacques Company paid $1,000,000 cash dividends for the current year?