On July $1,2022,$ Burrough Company acquired $120,000$ of the outstanding shares of Carter Company for $$15$ per share. This acquisition gave Burrough a $20$ percent ownership of Carter and allowed Burrough to significantly influence the investee's decisions.

As of July $1,2022,$ the investee had assets with a book value of $$7$ million and liabilities of $$148,000.$ At the time, Carter held equipment appraised at $$581,000$ more than book value; it was considered to have a seven$-$year remaining life with no salvage value. Carter also held a copyright with a five$-$year remaining life on its books that was undervalued by $$1,235,000.$ Any remaining excess cost was attributable to an indefinite$-$lived trademark. Depreciation and amortization are computed using the straight$-$line method. Burrough applies the equity method for its investment in Carter.

Carter's policy is to declare and pay a $$1$ per share cash dividend every April $1$ and October $1.$ Carter's income, earned evenly throughout each year, was $$566,000$ in $2022,$ $$593,400$ in $2023,$ and $$643,600$ in $2024.$

In addition, Burrough sold inventory costing $$114,600$ to Carter for $$191,000$ during $2023.$ Carter resold $$123,500$ of this inventory during $2023$ and the remaining $$67,500$ during $2024.$

Required:

Determine the equity income to be recognized by Burrough during each of these years.

Compute Burrough's investment in Carter Company's balance as of December $31,2024.$

Note: For all requirements, enter your answers in whole dollars and not in millions.