On January 1, 20X1, Diamond Commodities Corporation purchased 80% of Sparkle Systems Corporation's common stock. On January 1, 20X0, Sparkle issued 2,000 shares of 5% preferred stock at par value for $200,000. The preferred stock is cumulative, nonparticipating, and callable at $110 per share. Sparkle did not declare dividends for 20X0. The common stock and retained earnings of Sparkle on December 31, 20X0, were $400,000 and $250,000, respectively. Calculate the total common stock interest as of January 1, 20X1. $620,000 $650,000 $640,000 $400,000