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On December 31, 2019, Cooley Company purchased 60% of McKnight Company's common shares for $1,575,000. McKnight Company recorded net income of $1 million and paid

On December 31, 2019, Cooley Company purchased 60% of McKnight Company's common shares for $1,575,000. McKnight Company recorded net income of $1 million and paid cash dividends of $250,000 in 2020. What should Cooley's investment account balance be on December 31, 2020?  

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