On January 1, 2020, Cullumber Co. purchased 23,000 shares (a 10% interest) in Elton John Corp. for $1,340,000. At the time, the book value and the fair value of John's net assets were $12,000,000 On July 1, 2021, Cullumber paid $2,740,000 for 46,000 additional shares of John common stock, which represented a 20% investment in John. As a result of this transaction, Cullumber owns 30% of John and can exercise significant influence over John's operating and financial policies. (Any excess fair value is attributed to goodwill.) John reported the following net income and declared and paid the following dividends. Net Income Dividend per Share Year ended 12/31/20 $720,000 None 450,000 None Six months ended 6/30/21 Six months ended 12/31/21 742,000 $1.50 Determine the ending balance that Cullumber Co. should report as its investment in John Corp. at the end of 2021. Investment in Elton John Corp. $