Perkins Company owns 70% of Sheraton Company. Perkins purchased 70,000 shares of Sheraton for 1,470,000 in 1/1/2017, when Sheratons equity is capital stock 1,500,000 and retained earnings of 400,000. FV of Sheratons net assets approximates its book value at the time of purchase. Sheratons retained earnings grew to $800,000 at the end of 2018. In 2019, Sheraton Company starts to sell merchandise to Perkins Company. During 2019 and 2020, such sales amounted to $500,000 and $1,000,000, respectively. Unrealized intracompany profit is 30% of selling price.

	Total sales of S Co to P Co	Intercompany Merchandise in 12/31 Inventory of P co
2019	500,000	125000
2020	1,000,000	300000

Also, two other information.

Perkins uses complete equity method. Determine the balance of investment in Sheraton at the end of 2020.

Perkins Co Sheraton Co Net income Dividend Net income Dividend 2019 2,500,000 500,000 300,000 100,000 2020 3,000,000 600,000 450,000 200,000 Year end Goodwill 2017 200,000 2018 240,000 2019 190,000 2020 200,000