AAA and BBB formed a joint venture called CCC on January 1 , 2 0 2 2 . 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 3 1 . AAA contributed plant and equipment with a fair value of $ 5 0 0 , 0 0 0 . AAA's share in the venture was 35 % ; BBB ' s share is 65 % . BBB contributed assets with a book value of $ 1 , 1 0 0 , 0 0 0 All assets transferred had a remaining useful life of 18 years. At the end of 2 0 2 2 , AAA realized a gain of $ 8 , 500 for its share of contributed plant and equipment. Required: Calculate the book value of plant and equipment contributed by AAA.

AAA and BBB formed a joint venture called CCC on January 1, 2023. 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 $500,000. . AAA's share in the venture was 35%; BBB's share is 65%. . BBB contributed assets with a book value of $1,100,000 . All assets transferred had a remaining useful life of 18 years. . At the end of 2023, AAA realized a gain of $8,500 for its share of contributed plant and equipment. Calculate the book value of plant and equipment contributed by AAA