On January 1, 2020, AMI Corporation purchased the non-cash net assets of Grouper Ltd. for $8,652,700. Following is the statement of financial position of Grouper Ltd. from the company's year-end the previous day:

Grouper Ltd. Statement of Financial Position As at December 31, 2019 Cash $610,000 Accounts receivable 557,000 Inventory 2,570,000 Property, plant, and equipment (net) 2,140,000 Land 2,580,000 $8,457,000 Accounts payable $337,000 Common shares 2,590,000 Retained earnings 5,530,000 $8,457,000 As part of the negotiations, AMI and Grouper agreed on the following fair values for the items on Grouper's statement of financial position: Accounts receivable $555,500 Inventory 2,315,000 Property, plant, and equipment 1,985,000 Land 4,030,000 Accounts payable 326,800