On January 1, 2020, Hinkling Ltd. purchased 30% of Ketevnick Inc.'s outstanding common shares. The balance in Hinkling's investment in Ketevnick account was $500,000 as of December 31, 2021. The following information is available for the years 2020 and 2021 for Ketevnick Ltd.: 2020 Net Income $300,000 Dividends paid $100,000 2021 $400,000 $100,000 Required: Calculate the purchase price paid by Hinkling for Ketevnick Ltd. shares on January 1, 2020 (You must show ALL calculations or you earn ZERO marks)