On January 1, 2023, 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 $500,000 as of December 31, 2024. The following information is available for years 2023 and 2024 for Chapman Ltd.:

RequiredCalculate the purchase price paid by Holiday Ltd. for Chapman Ltd. shares on January 1, 2023.

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2023....... 2024........ Profit Dividends Paid . $300,000 $100,000 $400,000 $100,000