Hendrie Inc. acquired the listed assets and liabilities of Smith Corp. for $1,250,000 cash on 1 January. The book values and fair values of the assets of Smith as of the date of acquisition were: Book Value Fair Value Accounts receivable $ 150,000 $ 150,000 Inventory 225,000 350,000 Property, plant, and equipment 300,000 550,000 Land 200,000 400,000 In addition, Smith Corp. had liabilities totalling $320,000 at the date of acquisition and