Planet Company acquired all of the stock of Star Company on January 1, 2021 for $1,200,000 cash. There were no combination or stock issuance costs. Fair market value differed from book value for two items: item book value fair value Land $195,000 $180,000 Buildings $165,000 $240,000 (20 year life) In 2021, Star Company reported income of $60,000 and paid dividends of $26,000