The balance sheet of The Miller Corporation disclosed a long-term investment inthe common shares of The Mann Corporation valued at \($350,000\) as of December 31, 2015. The investment had been purchased by The Miller Corporation in January, 2012. Further, the following financial information from The Mann Corporation is available:

Determine how much The Miller Corporation paid for its investment in Mann common shares in January 2012 assuming that the investment represents a 25 percent ownership interest.

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Year 2012 2013 2014 2015 Net Income (Loss) Dividends Paid $ 0 $ (30,000) 120,000 50,000 150,000 60,000 200,000 80,000