Precision Company acquires all of Springfield Company's voting stock for $5,000,000 in cash. Information on Springfield's assets and liabilities at the date of acquisition is as follows: Current assets Land, buildings and equipment (net) Liabilities Capital stock Retained earnings Book Value Fair Value Dr (Cr) $500,000 Dr (Cr) $700,000 2,000,000 3,500,000 (600,000) (550,000) (500,000) (1,400,000) In addition, Springfield Company has unrecorded identifiable intangible assets, in the form of brand names and lease agreements, with a total estimated fair value of $400,000. In eliminating entry (R) on the consolidation working paper, the debit to identifiable intangibles is: Select one: A. $0 B. $400,000 C. $350,000 D. $250,000