On January 1, 2020, Dennis Company purchases Miles Company for $5 million in cash. Miles financial statement dated December 31, 2019, indicates the firms net assets have a book value of $3.8 million. An analysis conducted by Dennis on December 31 suggests that the book value of Miles tangible assets is $600,000 lower than their fair value. This analysis also indicates that the fair value of Miles identifiable intangible assets exceeds their book value by $320,000. Given these figures, what was the fair value of Miles identifiable net assets?

$0

$3,800,000

$4,400,000

$4,720,000