On january 2 of the current year, otto co. purchased 40% of penn co.’s outstanding common stock. the carrying amount of penn’s depreciable assets was $1,000,000 on january 2. penn’s depreciable assets had an original useful life of 10 years, and a remaining useful life of five years. otto recognized $8,000 amortization for the current year ending december 31 related to its investment in penn due to the excess of fair value over book value on these assets. what was the fair value of penn's depreciable assets on january 2 of the current year?