Pharoah Corporation acquired a 40% interest in Nash's Company on January 1, 2021, for $500,000. At that time, Nash's had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2021, Nash's paid cash dividends of $162,000 and thereafter declared and issued a 5% common stock dividend when the fair value was $2 per share. Nash's's net income for 2021 was $366,000. What is the balance in Pharoah's equity investment account at the end of 2021?

Balance in equity investment account