The Hoover Corporation acquired $80$ percent of the $100,000$ outstanding voting shares of Rainbow, Inc., for $$6\mathrm{.}40$ per share on January $1,20$X$0.$ The remaining $20$ percent of Rainbow$$s shares also traded actively at $$6\mathrm{.}40$ per share before and after Hoover$$s acquisition. An appraisal made on that date determined that all book values appropriately reflected the fair values of Rainbow$$s underlying accounts except that a building with a $5-$year future life was undervalued by $$62,000$ and a fully amortized trademark with an estimated $10-$year remaining life had a $$67,000$ fair value. At the acquisition date, Rainbow reported common stock of $$100,000$ and a retained earnings balance of $$260,000.$ On January $1,20$X$1,$ Rainbow reported retained earnings of $$330,000.$ During year $20$X$1,$ Rainbow reported net income of $$170,000$ and declared dividend of $$20,000.$ Assume Hoover applied equity method to account for its investment in Rainbow, the balance of Investment in Rainbow Hoover reported on December $31,20$X$1$ should be: