Jamaica Manufacturing Corp. decided to expand further by purchasing the net assets of Kingston Corp. Kingston's statement of financial position at December 31, 2019 is: KINGSTON CORP Statement of Financial Position As At December 31, 2019 Assets Cash Receivables Inventory Plant Assets (net) Total Assest Liabilities and Equities $210,000 Accounts Payable $325,000 450,000 Common Shares 800,000 275,000 Retained Earnings 835,000 1,025,000 $1,960,000 Total $1,960,000 An appraisal, agreed to by both parties, indicated that the fair value of the inventory was $320,000 and the fair value of the plant assets was $1,225,000. The fair value of the receivables and payables is equal to the amount reported on the balance sheet. The agreed purchase price was $3 million, and this amount was paid in cash to the owners of Kingston Corp.