On January 3, 2014, Jenkins Corp. acquired 40% of the outstanding common stock of Boliver Co for $1,200,000. This acquisition gave Jenkins the ability to exercise significant influence over the investee. The book value of the acquired shares was $950,000. Any excess cost over the underlying book value was assigned to a patent that was undervalued on Boliver's balance sheet. This patent has a remaining useful life of 10 years .For the year ended Dec 31, 2014, Boliver reported net income of $312,000 and paid cash dividends of $96,000. At Dec 31, 2014, what should Jenkins report as its investment in Boliver Co?