On January 1, 2018, Shane Corporation acquired 30 percent (13,000 shares) of Matthews Services Inc. common stock for $1,300,000 as a long-term investment. Data from Matthews's 2018 financial statements include the following:

Net Income	$ 330,000
Less cash dividends paid	$ 160,000
Increase in retained earnings	$ 170,000

The market value of Matthews Services Inc. common stock on December 31, 2018, was $98 per share. Shane does not have any other investments in financial assets.

Assuming Shane uses the equity methods to account for its investment in Matthews Services.

Determine the amount of "Investment Accounted for Using the Equity Method" account on December 31, 2018.