Steven Company owns 40% of the outstanding voting common stock of Nicholas Corporation and has the ability to significantly influence the investee's operations. On January 4, 2024, the balance in the Investment in Nicholas Corporation account was $503,000. Amortization associated with this acquisition is $12,000 per year. During 2024, Nicholas earned net income of $120,000 and paid cash dividends of $40,000. What amount of equity income would Steven have recognized in 2024 from its ownership interest in Nicholas? Steven Company owns 40% of the outstanding voting common stock of Nicholas Corporation and has the ability to significantly influence the investee's operations. On January 4, 2024, the balance in the Investment in Nicholas Corporation account was $503,000. Amortization associated with this acquisition is $12,000 per year. During 2024, Nicholas earned net income of $120,000 and paid cash dividends of $40,000. What was the balance in the Investment in Nicholas Corporation account at December 31, 2024?