The following selected account balances were taken from the financial statements of Pina Inc. concerning its long-term investment in shares of Grouper Inc. over which it has had significant influence since 2017:

		Dec. 31, 2020			Dec. 31, 2019
Investment in associate, Grouper Inc.		$507,400			$425,400
Investment income recorded for Grouper		18,000			11,400

At December 31, 2020, the following information is available:

1.		Pina purchased additional common shares in Grouper Inc. on January 2, 2020, for $72,000. As a result of this purchase, Pinas ownership interest in Grouper increased to 50%.
2.		Grouper reported income of $36,000 for the year ended December 31, 2020.
3.		Grouper declared and paid total dividends of $16,000 on its common shares for the year ended December 31, 2020.

(a)

Determine the balance of the Investment in Grouper Inc. account at December 31, 2020, assuming Pina Inc. uses the equity method for this investment.

Balance Dec. 31, 2020

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