Canberra Ltd acquires all shares of Florida Ltd by issuing 2 million ordinary shares (market value $3) and pays $560,000 cash immediately to the former shareholders of Florida Ltd and will also pay additional cash of $500,000 on 2 years after acquisition.

Canberra Ltd also agrees to assume a liability of $320,000 incurred from Florida Ltd. In the purchase agreement, if Florida Ltds profits exceed $1,000,000 for each of the three years after the acquisition, an additional payment of $500,000 is to be made to the former shareholders of Florida Ltd. Florida Ltd has historically made the profit between $3,000,000 and $6,000,000.

Besides, Canberra Ltd pays the following expenses in relation to the acquisition:

Legal consultancy fee for acquisition 160,000 Fee for valuation of net assets of Florida Ltd 14,000 Broker fee for issuing ordinary shares by Canberra Ltd 10,000

Required: Compute the amount of total consideration transferred. (discount rate is 8%)