Question $6$

Velway Corp. purchased Joker Inc. on January $1,2003.$ The parent paid more than the fair market value of the subsidiary's net assets. On that date, Velway had equipment with a book value of $$430,000$ and a fair market value of $$640,000.$ Joker had equipment with a book value of $$400,000$ and a fair market value of $$470,000.$ Joker decided to use push$-$down accounting. Immediately after the acquisition, what Equipment amount would appear on Joker's separate balance sheet and on the consolidated balance sheet?

A$)$ $$400,000$ and $$900,000$

B$)$ $$400,000$ and $$970,000$

C$)$ $$470,000$ and $$900,000$

D$)$ $$470,000$ and $$970,000$

E$)$ $$470,000$ and $$1,040,000$