Pacific Inc. acquires all of the voting stock of Skye Company for $300 million in cash. Skye's balance sheet at the date of acquisition is as follows(in millions):

Skye Company

Assets

Liabilities & equity

Current assets

$75

Current liabilities

$80

Land, buildings & equipment, net

1,200

Long-term liabilities

1,500

Capital stock

100

Retained deficit

(400)

Accumulated other comprehensive income

10

_____

Treasury stock

(15)

Total assets

$1,275

Total liabilities & equity

$1,275

Skye's land, buildings & equipment have a fair value of $1,000 million. Skye's other assets and liabilities are reported at amounts that approximate fair value. Skye has unreported identifiable intangibles with a fair value of $100 million that meet the criteria for capitalization.

Now assume Skye elects to use pushdown accounting at the date of acquisition. What is its credit to Pushdown Capital, on its own books?

A.$215 million

B.$415 million

C.$605 million

D.$205 million