On January 1, 2019, an investor purchases 32,000 common shares of an investee at $11 (cash) per share. The shares represent 24% ownership in the investee. The investees common stock has a readily determinable fair value. On January 1, 2019, the book value of the investees assets and liabilities equals $1,700,000 and $600,000, respectively. On that date, the appraised fair values of the investees identifiable net assets approximated the recorded book values, except for a customer list. On January 1, 2019, the customer list had a recorded book value of $0, an estimated fair value equal to $90,000 and a 5 year remaining useful life. During the year ended December 31, 2019, the investee company reported net income equal to $120,000 and dividends equal to $40,000. On December 31, 2019, the fair value of the investees stock is $15 per share.

1. Assume the investor cannot exert significant influence over the investee. Determine the balance in the "Investment in Investee" account at December 31, 2019.

2. Assume the investor can exert significant influence over the investee. Determine the balance in the "Investment in Investee" account at December 31,2019.