Consolidated Individual Balance Sheets Financial Pepper Co. Salt Inc. Statements Cash $ 26,000 $ 20,000 $ 46,000 Accounts Receivable, net 20,000 30,000 50,000 Inventory 125,000 110,000 270,000 Land 30,000 80,000 124,000 Building and Equipment 320,000 160,000 459,000 Investment in Subsidiary 279,000 - - Goodwill - - 41,000 Total Assets $800,000 $400,000 $990,000 Accounts Payable $ 40,000 $ 40,000 $ 80,000 Other Liabilities 70,000 60,000 130,000 Common Stock 400,000 200,000 400,000 Retained Earnings 290,000 100,000 290,000 Noncontrolling Interest - - 90,000 Total Liabilities & Stockholders' Equity $800,000 $400,000 $990,000 Answer the following based upon the above financial statements: a. How much did Pepper Co. pay to acquire Salt Inc.? b. What was the fair value of Salt's Inventory at the time of acquisition? c. Was the book value of Salt's Building and Equipment overvalued or undervalued relative to the Building and Equipment's fair value at the time of acquisition?