On January 1, 2021 ABC purchased 30% of the outstanding common stock of XYZ and subsequently used the equity method to account for the investment. During 2021, XYZ reported net income of $1,200,000 and distributed total dividends of $500,000. The ending balance of the investment in XYZ at December 31, 2021 was $1,000,000 after applying the equity method during 2021. What was the initial purchase price ABC paid for its investment in XYZ?