On January 2, 2020, Warner Co. purchased 40% of Kyle Co.'s outstanding common stock. The carrying amount of Kyle's depreciable assets was $1,000,000 on January 2. Kyle's depreciable assets had an original useful life of 10 years and a remaining useful life of 5 years. Warner recognized $60,000 depreciation adjustment for the current year ending December 31 related to its investment in Kyle due to the excess of fair value over book value on these assets. What was the fair value of Kyle's depreciable assets on January 2, 2020?
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