Max Company reports net income of $140,000 each year and declares an annual cash dividend of $50,000. The company holds net assets of $1,200,000 on January 1, 2023. On that date, Eden Company purchases 40 percent of Max’s outstanding common stock for $600,000, which gives it the ability to significantly influence Max. At the purchase date, the excess of Eden’s cost over its proportionate share of Max’s book value was assigned to an indefinite-lived asset. On December 31, 2025, what is the Investment in Max Company balance (equity method) in Eden’s financial records?

a. $600,000

b. $660,000

c. $690,000

d. $708,000