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Sonic purchased Casino Park, a currently operating legal gambling enterprise. The purchase price for the enterprise was $2 appraised values of the identified assets are

Sonic purchased Casino Park, a currently operating legal gambling enterprise. The purchase price for the enterprise was $2 appraised values of the identified assets are as follows:

Casino Building No. 1 $650,000

Casino Building No. 2 $350,000

Client accounts receivable $500,000

Gaming Equipment $100,000

Casino Park has been a highly productive due to the new Rings game that was recently launched.

Determine Sonic's adjusted basis the assets Casino Park based upon the purchase price.

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