On January $1,2020,$ Pharoah Co$.$ purchased $24,000$ shares $($a $10\%$ interest$)$ in Elton John Corp. for $$1,300,000.$ At the time, the book value and the fair value of John's net assets were $$12,900,000.$

On July $1,2021,$ Pharoah paid $$2,890,000$ for $48,000$ additional shares of John common stock, which represented a $20\%$ investment in John. As a result of this transaction, Pharoah owns $30\%$ of John and can exercise significant influence over John's operating and financial policies. $($Any excess fair value is attributed to goodwill.$)$

John reported the following net income and declared and paid the following dividends.

$\backslash$table$[[,$Net Income,Dividend per Share$],[$Year ended $\frac{12}{31}\frac{?}{20},$$$650,000,$None$],[$Six months ended $6/30/21,470,000,$None$],[$Six months ended $\frac{12}{31}\frac{?}{21},776,000,$$$1\mathrm{.}50$