Base Inc. $($Base$)$ and Space Ltd$.($Space$)$ formed a joint venture, Moon Ltd$.,$ on January $1,2023.$

Base invested plant and equipment with a book value of $$300,000$ and a fair value of $$900,000$ for a $30\%$ interest in the joint venture. Base's plant and equipment were estimated to provide an additional $5$ years of utility to Moon.

Space contributed assets with a fair value of $$2,100,000$ for its $70\%$ stake in Moon.

Moon reported a net income of $$2,800,000$ for $2023.$

The transactions set out above were considered to have commercial substance.

At what amount would Base record its initial investment in Moon?

Multiple Choice

$$270,000$

$$300,000$

$$900,000$

$$600,000$