Question 7 of 8 View Policies Current Attempt In Progress -/3.13 On January 1, 2020, Sandhill Co. purchased 22,000 shares (a 10% interest) in Elton John Corp. for $1,400,000. At the time, the book value and the fair value of John's net assets were $12,000,000. On July 1, 2021, Sandhill paid $3,100,000for44,000 additional shares of John common stock, which represented a 20% investment in John. As a result of this transaction, Sandhill owns 30% of John and can exercise significant influence over John's operating and financial policies. (Any excess fair value is attributed to goodwill.) John reported the following net income and declared and paid the following dividends. Net Income Dividend per Share Year ended 12/31/20 $740,000 None Six months ended 6/30/21 530,000 None Six months ended 12/31/21 792,000 $1.70 Determine the ending balance that Sandhill Co. should report as its investment in John Corp. at the end of 2021. Investment in Elton John Corp. $