On January 1, 2023, Creative Calligraphy Inc. purchased land, building, equipment, and tools for a total of $4,520,000. An appraisal identified the fair values to be $1,085,000 (land), $1,581,000 (building), $341,000 (equipment), and $93,000 (tools). The estimated useful life and residual value of the building was 10 years and $800,000; for the equipment, five years and $62,000; and for the tools, three years and $9,000.