Plum Corporation paid $700,000 for a 40% interest in Satin Company on January 1, 2013 when Plum's stockholders' equity was as follows:

10% cumulative preferred stock, $100 par $500,000 Common stock, $10 par value 300,000 Other paid-in capital 400,000 Retained earnings 800,000 Total stockholders' equity $2,000,000

On this date, the book values of Plum's assets and liabilities equaled their fair values, and there were no dividends in arrears.

Calculate the amount recorded in the investment in Satin Company and the amount of implied goodwill in this transaction.