Peel Corporation purchased 60 percent of Split Products Company’s shares on December 31, 20X7, for $216,000. At that date, the fair value of the noncontrolling interest was $144,000. On January 1, 20X9, Peel purchased an additional 20 percent of Split’s common stock for $99,000. Summarized balance sheets for Split on the dates indicated are as follows: December 31 20X7 20X8 20X9 Assets Cash $ 42,000 $ 72,000 $ 92,000 Accounts Receivable 53,000 93,000 123,000 Inventory 73,000 103,000 163,000 Buildings & Equipment (net) 355,000 335,000 315,000 Total Assets $ 523,000 $ 603,000 $ 693,000 Liabilities & Equities Accounts Payable $ 58,000 $ 108,000 $ 148,000 Bonds Payable 105,000 105,000 105,000 Common Stock 155,000 155,000 155,000 Retained Earnings 205,000 235,000 285,000 Total Liabilities & Equities $ 523,000 $ 603,000 $ 693,000 Split paid dividends of $25,000 in each of the three years. Peel uses the equity method in accounting for its investment in Split and amortizes all differentials over 10 years against the related investment income. All differentials are assigned to patents in the consolidated financial statements. Required: a. Compute the balance in Peel’s Investment in Split Products Company Stock account on December 31, 20X8