On January 1, 2020, Granger Inc. (Granger) acquired 30% of the common shares of Weasley Ltd. (Weasley). On that date, the following assets and liabilities had market values different from book values as follows: Book Value Fair Value Inventory $ 700,000 $ 500,000 Plant & Equipment 2,800,000 3,100,000 Land 800,000 600,000 Bonds payable 1,600,000 1,897,500 Additional information: At the acquisition date, the plant & equipment had a remaining useful life of 15 years. On January 1, 2021, 50% of the plant and equipment was sold at a gain of $50,000. One quarter of the land was sold at a gain of $105,000 in 2020. The bonds payable have a maturity date of June 30, 2027 The value of goodwill related to the acquisition, at December 31, 2021 is $95,000. In its financial statements for the year ended December 31, 2021, Weasley reported common stock of $1,500,000 and retained earnings of $1,700,000. Required: Assuming that Granger uses the equity method to account for its investment in Weasley, calculate the balance that Granger would report in its investment account for Weasley as at December 31, 2021. On January 1, 2020, Granger Inc. (Granger) acquired 30% of the common shares of Weasley Ltd. (Weasley). On that date, the following assets and liabilities had market values different from book values as follows: Book Value Fair Value Inventory $ 700,000 $ 500,000 Plant & Equipment 2,800,000 3,100,000 Land 800,000 600,000 Bonds payable 1,600,000 1,897,500 Additional information: At the acquisition date, the plant & equipment had a remaining useful life of 15 years. On January 1, 2021, 50% of the plant and equipment was sold at a gain of $50,000. One quarter of the land was sold at a gain of $105,000 in 2020. The bonds payable have a maturity date of June 30, 2027 The value of goodwill related to the acquisition, at December 31, 2021 is $95,000. In its financial statements for the year ended December 31, 2021, Weasley reported common stock of $1,500,000 and retained earnings of $1,700,000. Required: Assuming that Granger uses the equity method to account for its investment in Weasley, calculate the balance that Granger would report in its investment account for Weasley as at December 31, 2021