The balance sheets of Petron Co. and Seeview Co. on June 29, Year 2, were as follows Seeview $ 93,200 20,150 8,250 60,150 6,500 Petron Cash and receivables Inventory Plant assets (net) Intangible assets 60,600 203,200 33,100 $ 390,100 $ 95,050 Current liabilities $ 65,700 27,700 40,300 40,150 89,45013,100) Long-term debt Common shares 94,350 140,600 Retained earnings (deficit) $390,100 $ 95,050 On June 30, Year 2, Petron Co. purchased 90% of the outstanding shares of Seeview Co. for $54,000 cash Legal fees involved with the acquisition were an additional $2,400. These two transactions were the only transactions on this date. The carrying amounts of Seeview's net assets were equal to fair value except for the following Inventory Plant assets Intangible assets Long-term debt Fair value $ 10,150 70,300 10,300 33,900 Seeview has a five-year agreement to supply goods to Bardier. Both Petron and Seeview believe that Bardier will renew the agreement at the end of the current contract. The agreement is between Seeview and Bardier; it cannot be transferred to another company without Seeview's consent. Seeview does not report any value with respect to this contract on its balance sheet. However, an independent appraiser feels that this contract is worth $22,900