On January $1,$ Year $1,$ Present Inc. purchased $80$ percent of the outstanding voting shares of Sunset Co$.$ for $$3,500,000.$ On that date, Sunset$$s shareholders$$ equity consisted of retained earnings of $$1,700,000$ and common shares of $$1,175,000.$ Sunset$$s identifiable assets and liabilities had fair values that were equal to their carrying values on January $1,$ Year $1.$

Account balances for selected accounts for the Year $5$ financial statements were as follows:

Present Sunrise

Property, plant, and equipment $($net$)$ $ $2,100,000$ $ $3,500,000$

Common shares $ $1,500,000$ $ $1,000,000$

Retained earnings, beginning of Year $5$ $ $2,600,000$ $ $2,800,000$

Depreciation expense $ $250,000$ $ $300,000$

Income tax expense $ $300,000$ $ $350,000$

Net income $ $450,000$ $ $525,000$

Dividends paid $ $300,000$ $ $0$

Additional Information

Present carries its investment in Sunset on its books by the cost method.

At the beginning of Year $4,$ Sunset sold Present a machine for its fair value of $$900,000.$ Sunset had purchased the machine in Year $1.$ The carrying amount at the time of the sale to Present was $$720,000.$ The machine had an estimated remaining useful life of nine years on the date of the intercompany sale.

Any goodwill arising from the business combination is to be tested annually for impairment. Goodwill has not been impaired in any year since the date of acquisition.

Both companies use the straight$-$line method for depreciation.

Both companies are taxed at $40$ percent.

What amount would appear on Present$$s consolidated balance sheet on December $31,$ Year $5,$ for property, plant, and equipment?