On January 1, 20X5, Power Company purchases 80% of the outstanding shares of the Spencer Company for $2,500,000 in cash. On that date, Spencer Company had No Par Common Stock of $2,000,000 and Retained Earnings of $1,000,000. On January 1, 2005, all of Spencer's identifiable assets and liabilities had fair values that were equal to their carrying values except for: A building that had an estimated FV of $600,000 less that its carrying value; its remaining useful life was estimated to be 10 years, and A long-term liability with a FV of $500,000 less than its carrying value; the liability matures on December 31, 20X12. The book value (BV) of Building for Power and Spencer at date of acquisition was $1,000,000 and $2,000,000 respectively. The BV of Power's Common Shares just before the date of acquisition was $5,000,000 What amount would Power Company report on its consolidated SFP at date of acquisition for Common Shares? $5,000,000 $7,500,000 None of these answers $7,000,000 $5,800,000