Cech Company paid cash and purchased the assets of Dybala Company at an auction for $4,900,000 on October 1, 2020. The information on the book values of the assets on Dybalas balance sheet is listed below: Land: $820,000 Building: $1,118,000 Inventory: $530,000 Machine: $780,000 Based on an independent appraisal, the fair value of inventory is determined to be equal to its book value, and the fair values of land, building and machine are determined to be $1,850,000, $3,400,000 and $220,000, respectively.VIn the entry made by Cech on October 1, 2020 to record the purchase, the cost of the land will be approximately: