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Fact Pattern: On December 31, Year 4, Rent Company exchanged 25,000 shares of its...

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Accounting

Fact Pattern:
On December 31, Year 4, Rent Company exchanged 25,000 shares of its $10 par value stock for all of the outstanding shares of Subic Company. The fair value of Rent's stock was $40 at the date of acquisition
The December 31, Year 4, balance sheet items of the Subic Company are presented in the opposite column on both a historical cost and a fair value basis.
\table[[,Historical,Fair],[Current assets,Cost,Value],[Fixed assets,$250,000,$300,000
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