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

		Dec. 31, 2020			Dec. 31, 2019
Investment in associate, Sheffield Inc.		$507,400			$423,800
Investment income recorded for Sheffield		17,600			10,700

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

1.		Ayayai purchased additional common shares in Sheffield Inc. on January 2, 2020, for $72,000. As a result of this purchase, Ayayais ownership interest in Sheffield increased to 40%.
2.		Sheffield reported income of $44,000 for the year ended December 31, 2020.
3.		Sheffield declared and paid total dividends of $15,000 on its common shares for the year ended December 31, 2020.

(a)

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

Balance Dec. 31, 2020

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