On 1 July 2014, Pepper Ltd acquired all of the issued capital of Salt Ltd. The shareholders' equity of Salt Ltd at that date was: Issued capital Retained earnings $100,000 25,000 $125,000 At the date of acquisition, all of the carrying amount of net assets of Salt Ltd were recorded at fair value except the following. i. The land, originally costing $60,000, had a fair value of $84,000. ii. The buildings had originally cost $220,000 and had accumulated depreciation of $40,000. The fair value of the buildings at the date of acquisition was $360,000. It has a remaining useful life of 10 years. iii. As at 30 June 2014, Salt Ltd had disclosed information relating to a legal action in the notes to their accounts. They estimated a settlement of $10,000. The legal action was settled on 1 June 2015 for $10,000. Fill in the blank. DO NOT include commas and a dollar sign ($) in your answer. Present $1,000 as 1000. Required: The fair value of the subsidiary's net identifiable assets is: