Nascent, Inc., acquires 60 percent of Sea-Breeze Corporation for $414,000 cash on January 1, 2015. The remaining 40 percent of the Sea-Breeze shares traded near a total value of $276,000 both before and after the acquisition date. On January 1, 2015 Sea Breeze had the following assets and liabilities Book Value Fair Value $150,000 $150,000 Current assets Land Buildings (net) (6-year remaining life) Equipment (net) (4-year remaining life) Patent (10-year remaining life) Liabilities 200,000 360,000 280,000 100,000 (400,000) 200,000 300,000 300,000 (400,000)