Pacific Inc. acquires all of the voting stock of Skye Company for $360 in cash. Skyes balance sheet at the date of acquisition is as follows:

Skye Company
Assets		Liabilities & equity
Current assets	$ 75	Current liabilities	$ 80
Land, buildings & equipment, net	1,580	Long-term liabilities	1,500
		Capital stock	100
		Retained earnings	5
		Accumulated other comprehensive loss	(10)
		Treasury stock	(20)
Total assets	$1,655	Total liabilities & equity	$1,655

Skyes land, buildings & equipment have a fair value of $1,000. Skyes other assets and liabilities are reported at amounts that approximate fair value. Skye has unreported identifiable intangibles with a fair value of $350 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?

Select one:

a. $280

b. $305

c. $275

d. $285