On July $1,20$x$1,$ Sanchez Corporation acquired $3,000$ shares $(20\%$ ownership$)$ of Beal Corporation common stock at $$40$ per share plus brokerage fees of $$600.$ The investment of $$120,000$ was $$6,000$ greater than $20\%$ of the equity of Beal because inventory was understated by $$30,000.$ Beal reported net income of $$270,000$ for the year and paid dividends of $$2$ per share at the end of each quarter. The market value of the Beal shares is $$42$ per share at December $31,201.$

Under the cost method, what would Sanchez report in the December $31,20\backslash$times $1$ income statement for this investment?