On January 1, 2019, the Investor Company purchased 40% or 45,000 shares of the Investee Companys outstanding $5 par common stock for $20 per share. This purchase gave the Investor Company significant influence over the operating and financial policies of the Investee Company. On September 1, 2019, the Investee Company declared and paid total cash dividends of $82,000. The Investee Company had a $265,000 net income for the year ended December 31,2020. The Investor Company did not elect the fair value option when it purchased the Investee Companys stock on January 1, 2019. The Investee Companys $5 common stock had a market value of $23 per share at December 31, 2020.

For what amount on its December 31, 2019 balance sheet would the Investor Company report its investment in the Investee Company?