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In preparing its consolidated financial statements at December 31,207, the following consolidation entries were included...

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Accounting

In preparing its consolidated financial statements at December 31,207, the following consolidation entries were included in the consolidation worksheet of Powder Corporation:
\table[[Consolidation Worksheet Entries,Debit,Credit],[Buildings,140,000,],[Gain on Sale of Building,28,000,],[Accumulated Depreciation,,168,000]]
\table[[Consolidation Worksheet Entries,Debit,Credit],[Accumulated Depreciation,2,000,],[Depreciation Expense,,2,000]]
Powder owns 60 percent of Snow Corporation's voting common stock. On January 1,20X7, Snow sold Powder a building it had purchased for $640,000 on January 1,20X1, and depreciated on a 20-year straight-line basis. Powder recorded depreciation for 207 using straight-line depreciation and the same useful life and residual value as Snow.
Required:
a. What amount did Powder pay Snow for the building?
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