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Rin Owns 90%of Stempy Inc. On January 1, 2018 the investment in Stempy account had a balance of
$350,000 and Stemply's common shares and retained earnings on that day were valued at $200,000 and $100,889 respectively. Moreover, the assets to which the unamortized acquisition differential relates had a remaining life of 10 years on that date. Rin uses the equity method to account for its ivestment in Stempy. Rin sold depreciable assets to Stempy on Jan 1, 2018 at an after tax gain of $10,000. On Jan 1, 2019, Stempy sold depreciable assets to Rin at an after tax gain of $20,000. Both assets are being depreciated over 10 years. Stempy's Net Income and Dividends for 2018 and 2019 are shown below.
Net Income 2018 $80, 000
Net Income 2019 $120,000
Dividends 2018 $20,000
Dividends 2019 $30,000
What is the balance in the Investment in Stempy account at the end of 2019?
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