Melbourne Limited acquired 100% of the share capital of Geelong Limited. Geelong had issued share capital of $100,000 and Retained earnings of $50,000. The book values of Geelong Limited's assets were: buildings $100 000, machinery $120 000. The fair values of these assets were: buildings $180 000, machinery $140 000. The tax rate is 30%. The fair value of the identifiable net assets is:

Select one:

$220 000

$200 000

$270 000

$320 000