On May 31, 20X1, the Arlene Corporation adopted a plan to sell its cosmetics line of business, considered a component of the entity. The assets of the component were sold on October 13, 20X1, for $1,120,000. The component generated operating income of $300,000 from January 1, 20X1, through disposal. In its income statement for the year ended December 31, 20X1, the company reported before-tax income from operations of a discontinued component of $620,000. What was the book value of the assets of the cosmetics component