On January 1, 2014, Hinke Ltd. purchased 30% of Deveau Ltd.€™s outstanding common shares. The balance in Hinke Ltd.€™s Investment in Deveau Ltd. account was $500,000 as of December 31, 2015. The following information is available for years 2014 and 2015 for Deveau Ltd.:

Required Calculate the purchase price paid by Hinke Ltd. for Deveau Ltd. shares on January 1,2014.

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Net Income $300,000 $400,000 Dividends Paid $100,000 $100,000 2015