Steven Company owns $40\%$ of the outstanding voting common stock of Nicole Corp. and has the ability to significantly influence the investee's operations. On January $3,2011,$ the balance in the Investment in Nicole Corp. account was $$503,000.$ Amortization associated with this acquisition is $$12,000$ per year. During $2011,$ Nicole earned net income of $$120,000$ and paid cash dividends of $$40,000.$ Previously in $2010,$ Nicole had sold inventory costing $$35,000$ to Steven for $$50,000.$ All but $25\%$ of that inventory had been sold to outsiders by Steven during $2010.$ Additional sales were made to Steven in $2011$ at a transfer price of $$75,000$ that had cost Nicole $$54,000.$ Only $10\%$ of the $2011$ purchases had not been sold to outsiders by the end of $2011.$

What was the balance in the Investment in Nicole Corp. account at December $31,2011?$