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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

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 $324,000 as of December 31, 2021. The following information is available for years 2020 and 2021 for Chapman Ltd.: Profit Dividends Paid 2020 $212,000 $ 85,000 2021 $284,000 $ 85,000 Required: Calculate the purchase price paid by Holiday Ltd. for Chapman Ltd. shares on January 1, 2020.

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