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On january 1 2009 elva corp paid 750000 for 80 of fenton co

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On January 1, 2009, Elva Corp. paid $750,000 for 80% of Fenton Co. when the book value of Fenton's net assets was $800,000. Fenton owned a building with a fair value of $150,000 and a book value of $120,000.

Required: At what amount would the building appear on a consolidated balance sheet prepared immediately after the combination, assuming Elva used the acquisition method? Show all of your work.

Reference no: EM13484443

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