The following are the financial statements of Machelangelo Corp and VarGogh inc, prepared on: Deceriber 31. 2021: 2021 iscoms st ATHLENTE Qther information. 1. Michelangelo acquired 7046 of Vas Gogh oa Janary 1, 2020 at a cost of 556,875,0a this date VanGogh retained earningt arnoanted to 510,000 , and the acquisition differectial was entirely atlocated to goodunt . Impairment testa conducted yearly sirce acquisition yielded a loss of $3,000 in 2020 and a facther loss of 52,250 in 2021 . Michelangelo uses the coat method to accouet for the investmeat. Use the entity theory for calculations. 2. The December 31, 2021 inventory of Mickelanrelo coetained purchases made from VanGogh amouating to 510,000 . VanGogh sells to Michelangelo at a 4016 groat profit. 3. On July 1, 2021 Michelangelo borrowed 560,000 from VauGogh and aigned a note. bearing intereat at 12% per year. 4. Both companies pay income tax at a rate of 40+1. REQUHRED: Calculate the balance in the "Invertenent in VanGogh" accouat as at December 31, 2021, if Michelangelo had used the equity method