On January 1, 2009, Davis acquires 30% of the outstanding common stock of Erdman for $800,000. Davis has significant influence. At that date Erdman had assets with a book value of $5,000,000 and liabilities with a book value of $3,000,000. Any excess of the price paid by Davis over the book value of net assets acquired is attributable to a trademark, which has a remaining life of 5 years. In 2009 Erdman has net income of $200,000 and pays dividends of $80,000. In 2010, Erdman has net income of $150,000 and pays dividends of $60,000. What is the balance of Davis Investment in Erdman at December 31, 2010