Pale Inc. acquired 40% of Sunny Co's voting stock for $200,000 on January 1, 2022. Pale's 40% interest in Sunny, gave Pale the ability to exercise significant influence over Sunny's operating and financial policies. On that date, Sunny reported assets of $500,000 and liabilities of $100,000. Sunny had equipment with a book value of $60,000 that was actually worth $160,000. The equipment had a remaining useful life of five years. During 2022, Sunny reported net income of $80,000 and paid dividends of $50,000.

What is the fair market value of Sunny Co?