On Jan 1, 20X8, P purchased 100% of S Company's stock and paid $100,000 above the book value of the net assets of S. This $100,000 differential was related to equipment that had a remaining useful life of 10 years. During the year 2018, S reported a net income of $60,000 and paid a dividend of $15,000. On Dec 31, 20X8, the Investment in S account in the books of P had a balance of $575,000. What amount was paid by P to buy the 100% shares of S? Assume P uses the equity method.

		$540,000
		$530,000
		$550,000
		$600,000