On January 1, 2020, Rex Corporation purchased 40,000 shares (40% of the outstanding stock) of Alamo Corporation for $600,000. Net income reported by Alamo for 2020 was $220,000. Dividends paid by Alamo during 2020 were $80,000. On December 31, 2020 the Alamo Corporation stock was trading at $18 per share. After all necessary adjusting entries are made for the year, the balance in Rex Corporation's Long-Term Investment account for its investment in Alamo Corporytion will be