United, Inc.$$s unadjusted current assets section and equity section of its December $31,$ Year $1,$ balance sheet are as follows:

Current Assets

Cash

$ $60,000$

Investments in equity securities $($including

$$300,000$ of United common stock$)$

$400,000$

Trade accounts receivable

$340,000$

Inventories

$148,000$

Total

$$948,000$

Equity

Common stock

$$2,224,000$

Retained earnings $($deficit$)$

$(224,000)$

Total

$$2,000,000$

The investments and inventories are reported at their costs, which approximate fair values. In its Year $1$ statement of equity, United$$s total amount of equity at December $31,$ Year $1,$ is