On January 1, Belleville Company paid $1,200,000 to acquire 60,000 shares of O'Fallons voting common stock, which represents a 40 percent investment. No allocations to goodwill or other specific accounts were made. Significant influence over O'Fallon is achieved by this acquisition, and so Belleville applies the equity method. O'Fallon declared a $2 per share dividend during the year and reported net income of $622,000. What is the balance in the Investment in O'Fallon account found in Bellevilles financial records as of December 31?