Prant Company acquired all of Sedford Corporation’s assets and liabilities on January 1, 20X2, in a business combination

Prant Company acquired all of Sedford Corporation’s assets and liabilities on January 1, 20X2, in a business combination. At that date, Sedford reported assets with a book value of $632,000 and liabilities of $362,000. Prant noted that Sedford had $54,000 of capitalized research and development costs on its books at the acquisition date that did not appear to be of value. Prant also determined that patents developed by Sedford had a fair value of $132,000 but had not been recorded by Sedford. Except for buildings and equipment, Prant determined the fair value of all other assets and liabilities reported by Sedford approximated the recorded amounts. In recording the transfer of assets and liabilities to its books, Prant recorded goodwill of $103,000. Prant paid $518,000 to acquire Sedford’s assets and liabilities. If the book value of Sedford’s buildings and equipment was $356,000 at the date of acquisition, what was their fair value?