Prior to 1 June 2020, Scottie Ltd had a cash at bank balance of $2 million and a share capital account balance of $500,000. The share capital account balance reflected the issued share capital, which consisted of 500,000 million fully paid ordinary shares, issued at $1 each. On 1 June 2020, the company directors announced a 1 for 2 non renounceable rights issue. Shares issued under the rights scheme cost $3, payable in full upon accepting the offer. Vertigo Ltd agreed to underwrite half of the rights issue in return for a fee of $20,000. If holders of 375,000 shares exercise their rights, what will Scottie Ltd?s cash at bank balance be once all rights related transactions have been completed?