On January 1, 2018 the Jack Company acquired all of the outstanding stock of Jill Company. On this date Jack had land with a book value of $1,000,000 and a fair market value of $1,400,000. Jill had land with a book value of $100,000 and a fair market value of $150,000. Neither Jack nor Jill purchased or sold land during 2018. What is the value of land on the December 31, 2018 consolidated balance sheet?