On January 1, 2016, Al-Khaleej Company acquired 25% of the shares of Al-Dafna Company for an amount of 331,600 riyals in cash. On the same date, the book value and fair value of Al Dafna Company amounted to amount amounting to 1,326,400 riyals. During the year 2016, Al Dafna Company distributed dividends to its shareholders amounting to 60,000 riyals, and the net income of Al Dafna Company on December 31, 2016, amounted to 110,000 Rial. This is considering that the fair value of the investment in Al Dafna Company was estimated at 335,000 riyals at the end of 2016.

Required: based on chapter 12 (investment) in intermediate accounting 2, calculate the value of the investment, which should be reported in the statement of financial position of the Gulf Company on December 31.