Traditional wisdom says to 'spend an equal amount on the scope, to the value (not cost) of the rifle'.
If you ever intend to move up in rifle quality, I'd suggest you look at Leupolds or Burris Black Diamonds as a medium-quality scope. If not, or if you intend to always keep the rifle scoped, even if you dispose of it, then I'd probably go cheaper, but stay away from BSA, ATN, and Trashco.
For magnification, 3-9x will do fine; 10x is as big as I'd go in a fixed-power scope. At 300yd, there's not really a need for anything stronger (aim small, miss small).
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