On January 1, 2021, American Corporation purchased 20% of the outstanding voting shares of Short Supplies common stock for $176,000 cash. On that date, Short's book value and fair value were both $880,000. The equity method is deemed appropriate for this investment. Short's net income reported on December 31, 2021, was $84,000. During 2021, Short also paid cash dividends in the amount of $26,000. Required: Compute the amount that would be reported for the investment on American Corporation's financial statements at December 31, 2021.