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On January 1, 2018, Pine Company acquired Spin PLC, a British subsidiary, by purchasing all its common stock at book value.

Additional Information

1.

Spin uses the FIFO method for its inventory. The beginning

inventory was acquired on December 31, 2017, and

ending inventory was acquired on December 26, 2018.

Purchases of 300,000 were made evenly throughout 2018.

2.

Building and equipment were acquired as follows:

Date	Cost
January 1, 2016	100,000
December 31, 2017	130,000
July 1, 2018	100,000

Building and equipment are depreciated using

straight-line method and a 10-year life, with no salvage

value.

3.

Spin's sales were made evenly throughout 2018, and its

operating expenses were incurred evenly throughout 2018.

4.

Dividends of 5,000 were declared and paid on July 1, 2018

and on November 1, 2018.

Exchange Rates Table
January 1, 2016	1	$1.20
December 31, 2017	1	$1.25
January 1, 2018	1	$1.25
July 1, 2018	1	$1.26
November 1, 2018	1	$1.27
December 26, 2018	1	$1.31
December 31, 2018	1	$1.35
Average for 2018	1	$1.30

Assume the U.S. dollar is the functional currency.

Spin Company Trial Balance December 31, 2018
Item	Pounds
Cash	72,000
Accounts receivable (net)	50,000
Marketable securities	50,000
Inventory	120,000
Building & equipment	330,000
Cost of goods sold	270,000
Operating expenses	60,000
Depreciation expense	28,000
Dividends paid	10,000
Total	990,000
Accumulated depreciation	48,000
Accounts payable	182,000
Notes payable	90,000
Common stock	100,000
Retained earnings	150,000
Sales	420,000
Total	990,000

Using the appropriate restatement method, what is the amount of building & equipment in dollars?

Select one:

a. $412,500

b. $408,500

c. $413,500

d. $415,800