Required:

On January $3,2024,$ Matteson Corporation acquired $30$ percent of the outstanding common stock of O'Toole Company for $$1,267,000.$ This acquisition gave Matteson the ability to exercise significant influence over the investee. The book value of the acquired shares was $$883,000.$ Any excess cost over the underlying book value was assigned to a copyright that was undervalued on its balance sheet. This copyright has a remaining useful life of $10$ years. For the year ended December $31,2024,$ O'Toole reported net income of $$323,000$ and declared cash dividends of $$55,000.$ On December $31,2024,$ what should Matteson report as its investment in O'Toole under the equity method?

Investment