On May 31, 2004, Porter Company paid $2,100,000 to acquire all of the common stock of Dryer Corporation, which became a division of Porter. Dryer reported the following balance sheet at the time of the acquisition: Current assets $ 500,000 Noncurrent assets 1,800,000 Total assets $2,300,000 Current liabilities $ 400,000 Long-term liabilities 300,000 Stockholders equity 1,600,000 Total liabilities and stockholders equity $2,300,000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Dryer was $1,800,000. At December 31, 2004, Dryer reports the following balance sheet information: Current assets $ 400,000 Noncurrent assets (including goodwill recognized in purchase) 1,600,000 Current liabilities (500,000) Long-term liabilities (300,000) Net assets $1,200,000