On January 1, 2020, an investor company acquired 100% of the outstanding voting common stock of an investee company in exchange for $140,000 worth of investor company common stock. The following financial statement information is for the investor company and the investee company on January 1, 2020, prepared immediately before this transaction.

	Book Values
	Investor	Investee
Current assets	95,000	61,000
Noncurrent assets	298,000	116,000
Total assets	393,000	177,000
Liabilities	172,000	95,000
Common stock ($1 par)	21,000	11,000
Additional paid-in capital	123,000	53,000
Retained earnings	77,000	18,000
Total liabilities & equity	393,000	177,000

Assume that the fair values of the investees net assets approximated the recorded book values of the investees net assets, except the fair value of the investees identifiable noncurrent assets is $20,000 higher than book value. In addition, the investees pre-transaction tax bases in its individual net assets approximate their reported book values. Any book-tax differences relate entirely to tax-deductible items. Assume the marginal tax rate is 40% for the investor and investee.

The transaction is a taxable asset acquisition under the Internal Revenue Code. As part of the acquisition, the investor agreed to pay investees selling shareholders additional compensation (on March 15, 2022) if investees operations achieved $30,000 in net income during the year ended December 31, 2020 and $35,000 in net income during the year ended December 31, 2021. The fair value of this provision is $20,000 on January 1, 2020. Investor uses the equity method to account for its investment in Investee. For Part A, assume any AAP generated from the transaction is non-amortizable and the investee paid no dividends in 2020.

Investee earned $31,000 of net income and $6,000 of other comprehensive income during the year ended December 31, 2020. There were no intercompany sales in 2020.

What is the pre-consolidation balance of the Investment in Investee account on the books of Investor on December 31, 2020?