On January 1,20X9,Wilton Company acquired all of Sirius Company's common shares,for $365,000 cash.On that date,Sirius's balance sheet appeared as follows:
The fair values of all of Sirius's assets and liabilities were equal to their book values except for inventory that had a fair value of $85,000,land that had a fair value of $60,000,and buildings and equipment that had a fair value of $250,000.Buildings and equipment have a remaining useful life of 10 years with zero salvage value.Wilton Company decided to employ push-down accounting for the acquisition.Subsequent to the combination,Sirius continued to operate as a separate company.
-Based on the preceding information,what amount will be present in the revaluation capital account,when eliminating entries are prepared?
Definitions:
Economic System
The structure and methods by which a society decides on the allocation of resources and distribution of goods and services.
Goodwill
The intangible asset that arises as a result of the reputation, brand, or customer relations of a business, adding value beyond its tangible assets.
Intangible Capital
Assets that are not physical in nature, such as intellectual property, brand recognition, and human capital, which can contribute to a company's value.
Inventory
The total amount of goods and materials held in stock by a business, including raw materials, work-in-progress, and finished goods.
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