On March 31, 2020, Crane Company paid $6,007,000 to acquire all of the common stock of Drive Incorporated, which became a division of Crane. Drive reported the following balance sheet at the time of the acquisition. Current assets $2,417,000 Current liabilities Noncurrent assets 3,139,000 Long-term liabilities Total assets $5,556,000 Stockholders' equity Total liabilities and equity $492,000 304,000 4,760,000 $5,556,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Drive was $4,495,000. Over the next 9 months of operations, the newly purchased division experienced operating losses. In addition, it now appears that it will generate substantial losses for the foreseeable future. At December 31, 2020, Drive reports the following balance sheet information. Current assets $1,581,000 Noncurrent assets (including goodwill recognized in purchase) 3,813,000 Current liabilities (600,000 ) Long-term liabilities (392,000 ) Net assets $4,402,000 It is determined that the fair value of the Drive Division is $4,492,000. The recorded amount for Drive's net assets (excluding goodwill) is the same as fair value, except for property, plant, and equipment, which has a fair value $100,000 above the carrying value.