$8$ Padre, Inc., buys $80$ percent of the outstanding common stock of Sierra Corporation on January $1,2021,$ for $$802,720$ cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $$1,003,400$ although Sierra's book value was only $$690,000.$ Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows:

$\backslash$table$[[,,],[,$Book Value,Fair Value$],[$Land$,$$$55,000,$$$290,000$