100% purchase, goodwill, push-down accounting. On March 1, 2015, Collier Enterprises purchases a 100% interest in Robby Corporation for $480,000 cash. Robby Corporation applies push-down accounting principles to account for this acquisition. Robby Corporation has the following balance sheet on February 28, 2015: Robby Corporation Balance Sheet February 28, 2015 Assets Liabilities and Equity Accounts receivable Inventory.... Land...... Buildings... Accumulated depreciation-buildings.. Equipment ...... Accumulated depreciation-equipment. Total assets..... $ 60,000 Current liabilities.... 80,000 Bonds payable 40,000 Common stock ($5). 300,000 Paid-in capital in excess of par ... (120,000) Retained earnings .... 220,000 (60,000) $520,000 Total liabilities and equity.. Collier Enterprises receives an independent appraisal on the fair values of Ro tion's assets and liabilities. The controller has reviewed the following figures and ac reasonable: Accounts receivable... Inventory Land...... Buildings Equipment.... Current liabilities Bonds payable $ 60,000 100,000 55,000 200,000 150,000 50,000 98,000