Tamarisk Corporation acquired a 39% interest in Sheffield Company on January 1, 2021, for $ 490,000. At that time, Sheffield had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2021, Sheffield paid cash dividends of $ 162,000 and thereafter declared and issued a 5% common stock dividend when the fair value was $2 per share. Sheffield's net income for 2021 was $ 356,000. What is the balance in Tamarisk's equity investment account at the end of 2021?

Balance in equity investment account

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