On 1/1/2006 Black, Inc. purchased 1,000,000 shares of White, Inc. (representing a 40% ownership interest) for $20 per share. The book value of Black, Inc. was $100,000,000 at and the book value of White Inc. was $40,000,000. In assessing the purchase, Black, Inc. identifies a building owned by White, Inc. with a fair value that is $1,000,000 greater than its book value. The building has a remaining useful life of 10 years. In addition, White, Inc. also owns a machine that has a fair value that is $500,000 higher than its book value, and a 5-year remaining useful life. Black, Inc. decides to amortize these excesses using the straight-line method.

White, Inc. earns $2,000,000 of Net Income in 2006, pays a $4 per share dividend, and the price of White, Inc.'s stock is $25 at the end of 2006.

White, Inc. earns $3,000,000 of Net Income in 2007, pays a $5 per share dividend,

and the price of White, Inc.'s stock is $23 at the end of 2007. What is the value of the "Equity Investment in White, Inc." on Black Inc.'s 12/31/2007 balance sheet?