Prior to 1 April 2020, Bates Ltd had a cash at bank balance of $500,000 and a share capital account balance of $2 million. The share capital account balance reflected the issued share capital, which consisted of 1 million fully paid ordinary shares, issued at $2 each. On 1 April 2020, the company directors announced a 1 for 10 non renounceable rights issue. Shares issued under the rights scheme cost $8, payable in full upon accepting the offer. Mother Ltd agreed to underwrite half of the rights issue in return for a fee of $50,000. If holders of 250,000 shares exercise their rights, what will Bates Ltd?s cash at bank balance be once all rights related transactions have been completed?