On January 1, 2020, Holiday Resorts Ltd. purchased 30% of Chapman Ltd.'s outstanding common shares. The balance in Holiday Ltd.'s Investment in Associate-Chapman Ltd. account was $378,000 as of December 31, 2021. The following information is available for years 2020 and 2021 for Chapman Ltd.: Profit Dividends Paid 2020 $265,000 $106,000 2021 $348,000 $106,000 Required: Calculate the purchase price paid by Holiday Ltd. for Chapman Ltd. shares on January 1, 2020. Purchase price paid on January 1, 2020