On January $1,2020$ H$.$E$.$ Pennypacker Corp. purchased $20,000$ shares of Putumayo for

$$20$ per share. Pennypacker owns $40\%$ of Putumayo's common stock and has 'significant

influence' over Putumayo. For the year ended December $31,2020$ Putumayo declares

and pays total dividends $($to all of its investors$)$ of $$80,000$ and reports net income of

$$240,000.$ As of December $31,2020$ the market price of Putumayo shares has risen to

be $$25$ per share.

What will be the value of Pennypacker's investment in Putumayo on its balance sheet as

of December $31,2020?$