On January 1, 2019, Aspen Company acquired 80 percent of Birch Company's voting stock for $504,000. Birch reported a $510,000 book value, and the fair value of the noncontrolling interest was $126,000 on that date. Then, on January 1, 2020, Birch acquired 80 percent of Cedar Company for $160,000 when Cedar had a $164,000 book value and the 20 percent noncontrolling interest was valued at $40,000. In each acquisition, the subsidiary's excess acquisition-date fair over book value was assigned to a trade name with a 30-year remaining life. These companies report the following financial information. Investment income figures are not included. 201920202021 Sales: Aspen Company$515,000$595,000$740,000 Birch Company 285,000 398,750 631,000 Cedar CompanyNot available 249,800 258,800 Expenses: Aspen Company$397,500$442,500$530,000 Birch Company 237,000 315,000 557,500 Cedar CompanyNot available 233,000 216,000 Dividends declared: Aspen Company$20,000$45,000$55,000 Birch Company 10,000 15,000 15,000 Cedar CompanyNot available 2,000 6,000 Assume that each of the following questions is independent: If all companies use the equity method for internal reporting purposes, what is the December 31, 2020, balance in Aspen's Investment in Birch Company account