If CDS seller and the CDS buyer agree on an annual payment of a $420$ basis point premium on a CDS contract of USD $1$ million notional, what will be the last payment from the protection buyer to the protection seller and from the protection seller to the protection buyer if the bond defaults two months after the last quarterly premium payment and its market price falls to $80\%,$ while the same quality bond of the same issuer sells at $60\%?($They agree on cash settlement.$)$ Determine how much the protection buyer and the protection seller pays.