On 1 June 2010, Porter acquire 80% of Seal’s shares. Total share capital of Seal as at acquisition date is $5,000,000

The consideration consisted of below elements:

-          Share exchange of 3 shares in Porter for 5 shares acquired from Seal

-          $150,000 in cash payable at acquisition

-          $200,000 payable 3 years after acquisition

-          $90,000 payable in 2 years' time if profits exceed $2m.

The consideration payable in 2 years after acquisition is a tough target for the directors of Porter and so its fair value has been measured at only $20,300.

An appropriate discount rate is 7%.

Required:

Please to calculate total consideration for Porter in acquiring Seal.