On January 1,2002,James Inc.paid $500,000 to purchase 40% of Joyce Inc's outstanding voting shares.James has significant influence over Joyce.On the date of acquisition,Joyce's net assets were valued at $1,000,000.Any Acquisition Differential was allocated to a Trademark a remaining useful life of 20 years.Joyce's earnings for 2002 and 2003 were $60,000 and $100,000 respectively.Joyce paid dividends in the amount of $15,000 and $20,000 during 2002 and 2003,respectively.
Required:
Calculate the balance in James' Investment account as at December 31,2003.

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The Answer of On January 1,2002,James Inc.paid $500,000 to purchase 40% of Joyce Inc's outstanding voting shares.James has significant influence over Joyce.On the date of acquisition,Joyce's net assets were valued at $1,000,000.Any Acquisition Differential was allocated to a Trademark a remaining useful life of 20 years.Joyce's earnings for 2002 and 2003 were $60,000 and $100,000 respectively.Joyce paid dividends in the amount of $15,000 and $20,000 during 2002 and 2003,respectively.
Required:
Calculate the balance in James' Investment account as at December 31,2003.