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Nguyen Corporation acquired a 35% interest in Locab Company on January 1, 2021, for $750,000. At that time, Locab had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2021, Locab paid cash dividends of $240,000 and thereafter declared and issued a 5% common stock dividend when the fair value was $2 per share. Locab's net income for 2021 was $540,000. What is the balance in Cheng's equity investment account at the end of 2021