Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2015, for $736,800 cash. At the acquisition date, Sierras total fair value, including the noncontrolling interest, was assessed at $921,000 although Sierras book value was only $644,000. Also, several individual items on Sierras financial records had fair values that differed from their book values as follows:

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6.00 points Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2015, for $736,800 cash. At the acquisition date, Sierra's total fair value, including the noncontrolling interest, was assessed at $921,000 although Sierra's book value was only $644,000. Also, several individual items on Sierra's financial records had fair values that differed from their book values as follows: Book Value Fair Value 64,900 275,900 Land Buildings and equipment (10-year remaining life) Copyright (20-year life) Notes payable (due in 8 years) 344,000 298,000 34,000 226,000 (146,000) (166,000)