On January 1, 2021, Federal Corporation paid $100,000 for 6,300 shares of Express Corporation common stock. The ownership in Express Corporation is 10%. Federal Corporation does not have significant influence over Express Corporation. Express reported net income of $53,000 for the year ended December 31, 2021. The fair value of the Express stock on that date was $56 per share. What amount will be reported in the balance sheet of Federal Corporation for the investment in Express at December 31, 2021?

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