Steens Corp. acquired a 30% interest in Proctor Co. on January 1, 2015, for $900,000. At that time, Proctor had 2 million of its no-par common shares issued and outstanding. During 2015, Proctor paid cash dividends of $340,000 and thereafter declared and issued a 5% common stock dividend when the market value was $2 per share. Proctor's net income for 2015 was $720,000. What should be the balance in Steen's investment account at the end of 2015?

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The Answer of Steens Corp. acquired a 30% interest in Proctor Co. on January 1, 2015, for $900,000. At that time, Proctor had 2 million of its no-par common shares issued and outstanding. During 2015, Proctor paid cash dividends of $340,000 and thereafter declared and issued a 5% common stock dividend when the market value was $2 per share. Proctor's net income for 2015 was $720,000. What should be the balance in Steen's investment account at the end of 2015?