15 On Jan. 1 Year 1, P spent 250 million to buy 100% of S. At that date, some key numbers (in millions) are: S common stock Spaid-in capital 20 Sretained earnings 80 Total book equity = 115 All of the assets and liabilities of Shad book values = fair values, except: Buildings had fair value 20 higher than book value. The remaining life is 10 years. Inventory had a fair value 10 lower than book value. The inventory was sold in Year 1. At the end of year 1. The books of the two companies reflect the following: Figures in millions Book value Book value Cash 300 63