Exercise $1-12($Static$)$ Goodwill Recognition LO $1-5$

Spur Corporation reported the following balance sheet amounts on December $31,20\backslash$times $1$:

$\backslash$table$[[$Assets Balance Sheet Item,Historical Cost,Fair Value$],[$Cash and Receivables,,$],[$Inventory$,$$$50,000,$$ $40,000],[$Land$,100,000,150,000],[$Plant and Equipment,$40,000,30,000],[$Less: Accumulated Depreciation,$400,000,350,000],[$Patent$,(150,000),],[$Total Assets,,$130,000],[$Total Assets,$$440,000,$$$700,000$