Bill acquired all of the outstanding common stock of Dan on January 1, 2020, for $276,000. Annual amortization of $21,000 resulted from this acquisition. Bill reported a net income of $80,000 in 2020 and $60,000 in 2021 and paid $24,000 in dividends yearly. Dan reported a net income of $50,000 in 2020 and $57,000 in 2021 and paid $12,000 in dividends each year. What is the Investment in Dan's balance on Bills books as of December 31, 2021, using the initial value method?