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The following selected account balances were taken from the financial statements of Sheffield Inc. concerning...

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Accounting

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The following selected account balances were taken from the financial statements of Sheffield Inc. concerning its long-term investment in shares of Concord Inc. over which it has had significant influence since 2017: Dec 31, 2020 $508,300 Dec 31, 2019 $424,800 Investment in associate, Concord Inc. Investment income recorded for Concord 21.500 11,100 At December 31, 2020, the following information is available: 1. Sheffield purchased additional common shares in Concord Inc. on January 2, 2020, for $72,000. As a result of this purchase, Sheffield's ownership interest in Concord increased to 50%. Concord reported income of $43,000 for the year ended December 31, 2020. 2. 3. Concord declared and paid total dividends of $20,000 on its common shares for the year ended December 31, 2020. Determine the balance of the Investment in Concord Inc. account at December 31, 2020, assuming Sheffield Inc. uses the equity method for this investment. Balance Dec 31, 2020 $

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