On January 1, 2022, Pickaxe, Inc. acquired all of the voting stock of Shovel Corp. for $68,000,000, and accounts for the investment on its own books using the complete equity method. At the time of the acquisition, the book value of Shovel's net assets approximated their fair value except inventory, which had a book value of $1,700,000 and a fair value of $1,150,000. Pickaxe and Shovel both use a FIFO cost flow assumption for inventory. Shovel also had unreported intangible assets with a fair value of $9,000,000 and a five year useful life at the time of the acquisition. Shovel reports the following: 2022 2023 Net income $6,000,000 $5,000,000 Dividends $370,000 $440,000 Goodwill was impaired by $2,000,000 in 2023. What is the balance in the "Investment in Shovel Corp." account on Pickaxe's own books at December 31, 2023