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Paar Corporation bought 100 percent of Kimmel, Incorporated, on January 1, 2021. On that date, Paar's equipment (10-year remaining life) has a book value of
Paar Corporation bought 100 percent of Kimmel, Incorporated, on January 1, 2021. On that date, Paar's equipment (10-year remaining life) has a book value of $417,500 but a fair value of $579,500. Kimmel has equipment (10-year remaining life) with a book value of $274,000 but a fair value of $444,000. Paar uses the equity method to record its investment in Kimmel. On December 31, 2023, Paar has equipment with a book value of $292,250 but a fair value of $481,250. Kimmel has equipment with a book value of $191,800 but a fair value of $399,300. What is the consolidated balance for the Equipment account as of December 31, 2023?
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