3. Trinity Limited acquired 100% of the share capital of Visa Limited.

Visa had issued share capital of $200 000.

The book values of Visa Limiteds assets were:

Plant $200 000 and Buildings $200 000.

The fair values of these assets were:

Buildings $280 000, and plant $340 000. The tax rate is 30%. The fair value of the identifiable net assets is:

Select one:

$820 000

$420 000

$600 000

$354 000