On January 1, 2020, AMI Corporation purchased the non-cash net assets of Blossom Ltd. for $8,416,900. Following is the statement of financial position of Blossom Ltd. from the company's year-end the previous day: Blossom Ltd. Statement of Financial Position As at December 31, 2019 Cash $630,000 Accounts receivable 557,000 Inventory 2,620,000 Property, plant, and equipment (net) 2,130,000 Land 2.580,000 $8,517,000 Accounts payable $337,000 Common shares 2,580,000 Retained earnings 5,600,000 $8,517,000