On January 2, 2015 Pod Company purchased 25% of the outstanding common stock of Jobs, Inc. And subsequently used the equity method to account for the investment. During 2015 Jobs, Inc. Reported net income of $840,000 and distributed dividends of $360,000. The ending balance in the Investment in Pod Company account at December 31, 2015 was $640,000 after applying the equity method during 2015. What was the purchase price Pod Company paid for its investment in Jobs, Inc?
