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On January 1, 2017, AMI Corporation purchased the non-cash net assets of Martinez Ltd. for $3,545,500. Following is the statement of financial position of Martinez Ltd. from the company's year-end the previous day: Martincz Ltd. Statement of Financial Position As at December 31, 2016 Cash Accounts receivable Inventory Property, plant, and equipment (net) Land 670,000 562,000 2,560,000 2,120,000 2,600,000 $8,512,000 $362,000 2,570,000 5,580,000 $8,512,000 Accounts payable Common shares Retained earnings As part of the negotiations, AMI and Martinez agreed on the following fair values for the items on Martinez's statement of financial position: Inventory Property, plant, and equipment Land Accounts payable $560,700 2,335,000 1,935,000 3,850,000 229,200