BarstowCompanyiscontemplat$-$ ing the acquisition of the net assets of Crown Company for $$875,000$ cash. To complete the transaction, acquisition costs are $$15,000.$ The balance sheet of Crown Company on the pur$-$ chase date is as follows:

Crown Company

Balance Sheet

December $31,2015$

Assets

Current Assets $$80,000\mathrm{.}00$

Land $$70,000\mathrm{.}00$

Building $$450,000\mathrm{.}00$

Acumulated Depreciation Building $-200,000\mathrm{.}00$

Equipment $$300,000\mathrm{.}00$

Accumulated depreciation Equipment $-100,000\mathrm{.}00$

Liabilities and equity

Liabilities $$100,000\mathrm{.}00$

Common Stock $(10$par$)$ $$100,000\mathrm{.}00$

Paid$-$in Capital excess par $$150,000\mathrm{.}00$

Retained earnings $$250,000\mathrm{.}00$

Total liabilities $$600,000\mathrm{.}00$

$**$The following fair values have been obtained for Crown$$s identifiable assets and liabilities:

Currentassets $..................................85,000\mathrm{.}00$

Land.......................................... $90,000\mathrm{.}00$

Building $..............300,000\mathrm{.}00$

Equipment..................................... $275,000\mathrm{.}00$

$1.$Record the acquisition of the net assets of Crown Company on Barstow Company$$s books.

$2.$ Record the sale of the net assets on the books of Crown Company.

$3.$ Record the acquisition of $100\%$ of the common stock of Crown Company on Barstow$$s

books. Crown Company will remain a separate legal entity