I am looking for the correct answer to this general accounting question with appropriate explanations.

A parent company acquired 100% of the common stock of its subsidiary for $300,000. The purchase price was $70,000 more than the subsidiary's book value of Stockholders' Equity. The additional amount was attributed to Goodwill. At the acquisition date, the parent company believes the Goodwill has a 12-year useful life. Since the acquisition date, the subsidiary has reported a cumulative net income of $500,000 and paid $150,000 in dividends to its parent company. Required: Compute the balance of the Equity Investment account on the parent's balance sheet, assuming the Goodwill asset has not declined in value since the date of acquisition