Passionfruit Inc. (PFI) acquired 90% of Strawberry Co. (SBC)s 100,000 common shares on December 31, 2014. PFI paid $1,800,000 for the shares. At the time of the acquisition, SBCs common shares had a carrying value of $900,000 and retained earnings was $800,000. The carrying amount of SBCs assets and liabilities were equal to their fair values, except: The fair value of land exceeded its carrying amount $150,000 The fair value of equipment exceeded its carrying amount by $60,000