I have been tooling around with the ballistic calculator on the Hornady website. Populate the pertinent data fields and it will address your question about where the bullet may hit at various ranges. The default for zero is 200 yards because your 1" high at that range you will need to adjust the zero number. Plug in 240 yards for a zero and see if ityields data 1" high at 200 yards. I would imagine you are 3-4" low at 300 yards.
http://www.hornady.com/ballistics/