Pell Company acquires 80% of Demers Company for $500,000 on January 1,2019 . Demers reported common stock of $300,000 and retalned earnIngs of $210,000 on that date. Equipment was undervalued by $30,000 and bulldings were undervalued by $40,000, each having a 10-year remalning life. Any excess consideration transferred over falr value was attrlbuted to goodwill with an Indefinite life. Based on an annual review, goodwill has not been Impalred. Demers earns Income and pays dividends as follows: Assume the partlal equity method is applied. What is the consolidated balance of the Investment in Demers account at December 31, 2021. Multiple Choice $780,000. $660,000. $785,000. $676,000. $0