QUESTION 1 On 1 July 2019, Batman Ltd, a reporting entity , acquired all of the issued shares of Robin Ltd. As part of the settlement, Batman Ltd agreed to pay $3,000,000 on 1 July 2019 and $1,650,000 payable on 1 July 2020. The appropriate discount rate was 10% per annum. Batman Ltd also issued 950,000 shares of Batman Ltd to the shareholders of Robin Ltd. At acquisition date, the fair value of the ordinary shares of Batman Ltd were $2.60 and the fair value of the ordinary shares of Robin Ltd were $5.00 Robin Ltd's shareholders' equity on 1 July 2019 consisted of the following: Issued capital $3,800,000 Retained earings $1,000,000 At 1 July 2019, all of Robin Ltd's net assets were recorded at fair value, except the following items: Carrying Fair Value Amount Plant $1,560,000 $2,000,000 Robin Ltd purchased the plant for $1,600,000. On 1 July 2019, the plant had an estimated remaining useful life of 10 years with zero residual value. Robin Ltd is depreciating the asset straight-line over its useful life, The directors of Batman Ltd believe that the goodwill relating to the acquisition of Robin Ltd was impaired by $250.000 during the year ended 30 June 2020. Both Batman Ltd and Robin Ltd use the cost model for the valuation of assets, so any fair value adjustments will be completed as consolidation adjustments, The company income tax rate is 30% In preparing the acquisition analysis, what is the amount of cash that will be paid on 1 July 2019 for the purchase consideration for 100% of the issued shares of Robin Ltd? 1 nints 5