Problem: Cardinal Corporation, which had just entered into an active acquisition program, acquired 100 percent of Panther's common stock on January 2, 20X7, for $650,000. A careful review of the fair value of Panther's assets and liabilities indicated the following: Book Value Fair Value Inventory 130000 140000 Land 80000 60000 Buildings & Equipment (net) 520000 550000 Book value of Cardinal's related accounts: Inventory 300000 Land 85000 Buildings & Equipment 1200000