On January 1, 20X7, Primer Company acquired 70 percent of Second Company by purchasing 70,000 shares of Second's common stock. There was no differential related to this transaction. The noncontrolling interest had a fair value equal to 30 percent of book value. The book value of Second's net asset on December 31, 20X7 was $500,000. On January 1, 20X8, Second repurchased 20,000 of its shares for $2 per share in cash from nonaffiliated party. During 20X8, Second reported net income of $50,000 and paid dividends of $20,000. Primer used the equity method in accounting for its ownership of Second. What was the balance in the Noncontrolling Interest in Net Asset account reported in the consolidated financial statements on December 31, 20X8?