On January $1,2$XX$0,$ Cheap Camera Corp. paid $$3,080,000$ to acquire Worldwide Photo, Inc. Cheap Camera used the equity method to account for the investment. The following information is available for the assets, liabilities, and stockholders' equity accounts of Worldwide Photo:

Book Value Fair Value Current assets $$880,000$ $$880,000$ Land $380,000480,000$ Building $($twenty$-$year life$)1,020,0001,240,000$ Equipment $($five$-$year life$)740,000760,000$ Current liabilities $160,000160,000$ Long$-$term liabilities $260,000260,000$ Common stock $560,000$ Additional paid$-$in capital $1,200,000$ Retained earnings $840,000$

Worldwide Photo earned net income for $2$XX$0$ of $$500,000$ and paid dividends of $$72,000$ during the year.

What is the balance in Equity Investment at the end of $2$XX$0?$

Select one:

a$.$ $$3,508,000$

b$.$ $$3,580,000$

c$.$ $$3,565,000$

d$.$ $$3,493,000$