Charlie Co. owns 30% of the voting common stock of Turf Services Inc. Charlie uses the equity method to account for its investment. On January 1, 2009, the balance in the investment account was $624,000. During 2009, Turf Services reported net income of $120,000 and paid dividends of $30,000.

What is the balance in the investment account as of December 31, 2009?

On January 2, 2009, Heinreich Co. paid $500,000 for 25% of the voting common stock of Jones Corp. At the time of the investment, Jones had net assets with a book value and fair market value of $1,800,000. During 2009, Jones incurred a net loss of $60,000 and paid dividends of $100,000. Any excess cost over book value is attributable to goodwill with an indefinite life.

What is the balance in Heinreich's investment account at December 31, 2009?

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