Bon Air, Inc., acquired 70 percent (2,800 shares) of the outstanding voting stock of Creedmoor Corporation on January 1, 2006, for $250,000 cash.

Bon Air, Inc., acquired 70 percent (2,800 shares) of the outstanding voting stock of Creedmoor Corporation on January 1, 2006, for $250,000 cash. Creedmoor's net assets on that date totaled $230,000, but this balance included three accounts having fair values that differed from their book values: