On 1/1/2014, P Company acquires 100% of the voting stock of S, Inc. for $18,000,000 in cash.Some of S assets had fair values that differed from their book values, as follows:

BOOK VALUEFAIR VALUE

Property & Equipment, net (20 remaining life, SL)$11,000,000$3,000,000

Identifiable intangible assets (5 years, SL)$000$10,000,000

S total stockholders' equity at 1/1/2014 was $5,000,000.Now we are at 12/31/2017, four years later.S's retained earnings, January 1, 2017 reflect the accumulation of net income less dividends.S does not report any AOCI.Cumulative goodwill impairment to the beginning of 2017 is $1,000,000.Additional goodwill impairment of $500,000 was incurred in 2017. P uses the complete equity method to record its investment in S.The trial balance at 12/31/2017 for S appears below.

S, Inc

Debit (Credit)

Current assets

$3,500,000

Property & equipment

28,000,000

Current liabilities

(1,500,000)

Noncurrent liabilities

(9,000,000)

Common stock and additional paid-in capital

(2,000,000)

Retained earnings, 1/1/17

(16,500,000)

Sales revenues

(14,500,000)

COGS

8,500,000

Operating expenses

3,500,000

On the 2017 consolidation work paper, eliminating entry (R) reduces Investment in S by?