PIN Inc. purchased 75% of the voting shares of PANG Inc for $500,000 on July 1, 2017. On that date, PANG Inc.'s Common Shares and Retained Earnings were valued at $200,000 and $100,000 respectively. Unless otherwise stated, assume that PIN uses the cost method to account for its investment in PANG Inc. PANG's fair values approximated its carrying values with the following exception: PANG's bonds payable had a fair value which was $50,000 higher than their carrying value. The bonds payable mature on July 1, 2027. Both companies use straight line amortization exclusively. The Financial Statements of both companies for the Year ended June 30, 2020 are shown below: Income Statements

	PIN Inc.	PANG Inc.
Sales	$500,000	$400,000
Other Revenues	$100,000	$60,000
Less: Expenses
Cost of Goods Sold	$400,000	$320,000
Depreciation Expense	$20,000	$10,000
Other Expenses	$60,000	$30,000
Income Tax Expense	$48,000	$40,000
Net Income	$72,000	$60,000

Retained Earnings Statements
	PIN Inc.	PANG Inc.
Balance, July 1, 2019	$200,000	$240,000
Net Income	$72,000	$60,000
Less: Dividends	($22,000)	($30,000)
Retained Earnings, June 30, 2020	$250,000	$270,000
Balance Sheets
	PIN Inc.	PANG Inc.
Cash	$150,000	$120,000
Accounts Receivable	$350,000	$160,000
Inventory	$200,000	$180,000
Investment in YANG Inc.	$500,000
Land	$40,000
Equipment (net)	$360,000	$240,000
Total Assets	$1,600,000	$700,000
Current Liabilities	$600,000	$130,000
Bonds Payable	$250,000	$100,000
Common Shares	$500,000	$200,000
Retained Earnings	$250,000	$270,000
Total Liabilities and Equity	$1,600,000	$700,000

Other Information: During August of 2018, PIN sold $60,000 worth of Inventory to PANG, 80% of which was sold to outsiders during the year. During October of 2019, YIN sold inventory to PANG for $90,000 of which two-thirds of this inventory was resold by PANG to outside parties later that year. During September of 2018, PANG sold $90,000 worth of inventory to PIN, 50% of which was sold to outsiders during the year. During April of 2020, Pang sold inventory to PIN for $120,000. 80% of this inventory was resold by PANG to outside parties in May. During May of 2020, PANG sold a plot of Land to PIN for $40,000. The land was recorded at cost of $24,000 on PANG's books prior to the sale. PIN has not yet sold the land. All intercompany sales as well as sales to outsiders are priced 50% above cost. The effective tax rate for both companies is 40%. Required:

Assuming that PIN Inc uses the equity method to account for its investment in PANG, compute the balance in its investment in PANG account at June 30, 2020.