Pell Company acquires 80% of Demers Company for $500,000 on January 1,2019 . Demers reported common stock of $300,000 and retained earnings Any excess consideration transferred over fair value was attributed to goodwill with an indefinite life. Based on an annual review, goodwill has not been impaired. Demers earns income and pays dividends as follows: Assume the equity method is applied. What is the consolidated balance of the Investment in Demers account at December 31,2021