Patton, Inc. acquires 80 percent of the voting stock of Sutton, Inc. on January 2, 2020. On that date, Sutton has equipment with a book value of $600,000 and a fair value of $680,000 (10-year remaining life). On December 31, 2023, Patton has equipment with a book value of $875,000 and a fair value of $950,000, and Sutton has equipment with a book value of $540,000 and a fair value of $550,000. If Patton applies the equity value method in accounting for investment in Sutton, what is the consolidated balance for the Equipment account as of December 31, 2023?