The summarized balance sheets of Crane Company and Novak Company as of December 31, 2021 are as follows:

Crane Company Balance Sheet December 31, 2021
Assets	$2840000
Liabilities	$410000
Capital stock	1420000
Retained earnings	1010000
Total equities	$2840000
Novak Company Balance Sheet December 31, 2021
Assets	$2240000
Liabilities	$520000
Capital stock	1370000
Retained earnings	350000
Total equities	$2240000

If Crane Company acquired a 30% interest in Novak Company on December 31, 2021 for $550000 and during 2022 Novak Company had net income of $161000 and paid a cash dividend of $71000, applying the equity method would give a debit balance in the Equity Investments (Novak) account at the end of 2022 of

$577000.

$528700.

$550000.

$598300.