AAA and BBB formed a joint venture called CCC on January 1, 2022. Presented below are some relevant details on the establishment of this Joint Venture:

All transactions were considered to be of commercial substance.

The fiscal year end for all three entities (AAA, BBB, CCC) is December 31.

AAA contributed plant and equipment with a fair value of $600,000.

AAA's share in the venture was 30%; BBB's share is 70%.

BBB contributed assets with a book value of $1,100,000

All assets transferred had a remaining useful life of 17 years.

At the end of 2022, AAA realized a gain of $8,465 for its share of contributed plant and equipment.

Required:

Calculate the book value of plant and equipment contributed by AAA.