5) On January 1, 2021 High Company purchased 40% of the outstanding common stock of Low, Inc. and used the equity method to account for the investment. During 2021 Low, Inc. reported net income of $2,000,000 and distributed dividends of $400,000. The ending balance in the Investment in High Company account at December 31, 2021 was $1,000,000 after applying the equity method during 2021. What was the purchase price High Company paid for its investment in Low, Inc?

8.) Equipment was purchased on January 1, 2019 for $800,000. At the time of its purchase, the equipment was estimated to have a useful life of five years and a salvage value of $50,000. The equipment was depreciated using the straight-line method of depreciation through 2021. At the beginning of 2022, the estimate of useful life was revised to a total life of eight years and the expected salvage value was changed to $30,000. The amount to be recorded for depreciation for 2022 is?