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  3. m.t. glass, inc. purchased the following investmen

M.T. Glass, Inc. purchased the following investments on January 1, 2028: 1. 21,000 shares (representing...

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Accounting

M.T. Glass, Inc. purchased the following investments on January 1, 2028:

1. 21,000 shares (representing 42%) of AA Company stock for $546,000

2. 18,000 shares (representing 9%) of ZZ Company stock for $306,000

AA Company and ZZ Company reported the following information for the years 2028 and 2029:

2028: AA Company ZZ Company Net income $140,000 $225,000 Total dividends paid $ 78,000 $ 53,000 Market value at Dec 31 $33 per share $22 per share

2029: AA Company ZZ Company Net income $210,000 $280,000 Total dividends paid $ 90,000 $125,000 Market value at Dec 31 $35 per share $23 per share

Calculate the total investments shown in M.T. Glass, Inc.'s December 31, 2028 balance sheet (i.e., the balance in the Investment in AA Company plus the balance in the Investment in ZZ Company).

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