At the beginning of 2019, Snipe Corp. traded in an old press for a newer model, significantly increasing their production capacity. The old press originally cost $18,830,000, but had a book value at the time of the trade of $1,883,000 and a market value of $2,071,000 In addition to the old press, Snipe Corp. also paid $828,000 for the trade. What did Snipe Corp. recognize as the book value of the new press?