On 1 July 2014, Pepper Ltd acquired all of the issued capital of Salt Ltd. As part of the settlement, Pepper Ltd issued the shareholders of Salt Ltd with 100,000 shares in Pepper Ltd. The shares in Pepper Ltd were listed on the ASX for $1.88 while the shares in Salt Ltd were listed at $2.00. Pepper Ltd also paid $44,830 cash and agreed to pay a further $50,000 on 1 July 2015. The appropriate interest rate is 6%. The shareholders' equity of Salt Ltd at that date was: Issued capital Retained earnings $100,000 25,000 $125,000 At the date of acquisition, all of the carrying amount of net assets of Salt Ltd were recorded at fair value except the following. i. The land, originally costing $60,000, had a fair value of $84,000. ii. The buildings had originally cost $220,000 and had accumulated depreciation of $40,000. The fair value of the buildings at the date of acquisition was $360,000. It has a remaining useful life of 10 years. iii. As at 30 June 2014, Salt Ltd had disclosed information relating to a legal action in the notes to their accounts. They estimated a settlement of $10,000. The legal action was settled on 1 June 2015 for $10,000. Fill in the blank. DOT NOT include commas and dollar sign ($) in your answer. Present $1,000 as 1000. Round to the nearest whole number. Required: The cost of the investment that should be recorded at the date of acquisition is: