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Group 1 accounts for its 30% investment in Group 2 using the equity method of...

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Accounting

Group 1 accounts for its 30% investment in Group 2 using the equity method of accounting. The investment cost $650,000 on 1/1/2021. During X1, Group 2 reported net income of $500,000 for the year X1, and paid total dividends of $100,000 during 2021. On December 31, 2021, the balance in Group 1's Investment in Group 2 account will equal?

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