Timberland Company acquired 30% ownership interest of Woodland Company by paying $2,560,000 on Jan 1, 2012. Of this purchase price no allocation to goodwill or other specific account is made. Timberland enjoys significant influence over Woodland because of this acquisition. Woodland reported earnings for 2012 are $ 900,000 and it paid a dividend of $300,000 for the year 2012 on its equity stock. What is the balance in the Investment in Woodland account found in the financial records of Timberland on Dec 31, 2012.
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