On January 2, 2012 Cannon Company purchased 25% of the outstanding common stock of Angel, Inc. and subsequently used the equity method to account for the investment. During 2012 Angel, Inc. reported net income of $210,000 and distributed dividends of $90,000. The ending balance in the Investment in Angel, Inc. account at December 31, 2012 was $160,000 after applying the equity method during 2012. What was the purchase price Cannon paid for its investment in Angel, Inc?

Please include explanations with numbers/calculations. Thanks.