Public Corporation acquired 90 percent of Station Companys voting common stock on January 1, 20X1, for $501,300. At the time of the combination, Station reported common stock outstanding of $121,000 and retained earnings of $381,000, and the fair value of the noncontrolling interest was $55,700. The book value of Stations net assets approximated market value except for patents that had a market value of $55,000 more than their book value. The patents had a remaining economic life of ten years at the date of the business combination. Station reported net income of $75,000 and paid dividends of $20,000 during 20X1. Required: a. What balance did Public report as its investment in Station at December 31, 20X1, assuming Public uses the equity method in accounting for its investment?