Grant, Inc. acquired 30% of South Company's common stock for $350,000 on January 1, 2011. During 2011, South Company reported a net income of $120,000 and paid dividends totaling $30,000. For 2012, South Company earned a $160,000 net income and paid dividends totaling $50,000. Grant, Inc. sold one-half of its investment in South Company on December 31, 2012 for $230,000 cash.
Calculate the balance in the investment in South Company account reported on Grant Inc.'s December 31, 2011 balance sheet. Do not use decimals in your answer.