Spur Corporation reported the following balance sheet amounts on December 31, 2011:     Balance Sheet Item Historical Cost Fair Value   Assets               Cash & Receivables $ 59,000   $ 31,000     Inventory   101,000     144,000     Land   49,000     30,000     Plant & Equipment   410,000     340,000     Less: Accumulated Depreciation   (160,000 )         Patent         129,000           Total Assets $ 459,000   $ 674,000           Liabilities and Equities               Accounts Payable $ 71,000   $ 76,000     Common Stock   181,000           Additional Paid-In Capital   11,000           Retained Earnings   196,000                     Total Liabilities & Equities $ 459,000           Blanket acquired Spur Corporation's assets and liabilities for $673,000 cash on December 31, 2011