On January 1, 2021, Steven purchases 30 percent of Arby Company's outstanding common stock for $650,000, which gives it the ability to significantly influence Arby. At the purchase date, the excess of Steven's cost over its proportionate share of Arby's book value was assigned to goodwill. Arby Company reports net income of $120.000 in year 2021 and $160,000 in year 2022. It declares an annual cash dividend of $50,000. On December 31, 2022, what is the Investment in Arby Company balance in Steven's financial records?

Choices:

$671,000

$704,000

$683,000

$496,000