On January 1, 20X1, Pepper purchased 75% interest in Salt for $675K. At the time of the purchase, Salts assets and liabilities were equal to book value except for Inventory, Building and Land (which had fair values in excess of book value of $40K, $80K and $115K respectively). Net Asset BV at the time of purchase was $550K. Included in the $675K purchase price was a covenant not to compete. The covenant was value at $20K and is for a two year period. At the time of the purchase, it was determined that the all of Salts depreciable assets had a remaining 10 year life.

At Day Zero, what will be Investment in Salt on Pepper's Balance Sheet?