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What adjustment is necessary for linden buildings account

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Question - Fairhaven Company acquired 90% of Linden Company on January 1, 20X3, for $234,000 cash. Louden's stockholders' equity consisted of common stock of $160,000 and retained earnings of $80,000. An analysis of Louden's net assets revealed the following.

Any excess consideration transferred over fair value is attributable to an unamortized patent with a useful life of 5 years. 

Book Value Fair Value Buildings (10-year life)

$10,000 $8,000 Equipment (4-year life)

$14,000 $18,000 Land

$5,000 $12,000

In consolidation at January 1, 20X3, what adjustment is necessary for Linden's buildings account?

Reference no: EM131584666

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