Blank Corporation acquired 100 percent of Faith Corporation's common stock on December 31, 20X2, for $150,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Item Assets Cash Accounts Receivable Inventory Buildings and Equipment (net) Investment in Faith Corporation Stock Total Assets Liabilities and Stockholders' Equity Accounts Payable Notes Payable Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Blank Corporation $ 65,000 87,000 Faith Corporation $ 18,000 37,000 110,000 60,000 220,000 150,000 150,000 $632,000 $265,000 $ 92,000 150,000 $ 35,000 80,000 100,000 60,000 290,000 90,000 $632,000 $265,000 At the date of the business combination, the book values of Faith's net assets and liabilities approximated fair value. Assume that Faith Corporation's accumulated depreciation on buildings and equipment on the acquisition date was $30,000.