On January 1, 2021, Lee Company paid $1,640,000 for 45,000 shares of Thomas Co.'s voting common stock which represents a 45% investment. No allocation to goodwill or other specific account was necessary. Significant influence over Thomas was achieved by this acquisition. Thomas distributed a dividend of $3.50 per share during 2021 and reported net income of $587,000. What was the balance in the Investment in Thomas Co. account found in the financial records of Lee as of December 31, 2021