On October $1,20$X$3,$ Pole Corporation paid $$450,000$ for all of Stick Company's outstanding common stock. On that date, the book values and fair values of Stick's recorded assets and liabilities were as follows:

Book Value Fair Value

Cash and Receivables $ $75,000$ $ $75,000$

Inventory $155,000160,000$

Buildings and Equipment $($net$)260,000320,000$

Liabilities $(150,000)(150,000)$

Net Assets $ $340,000$ $ $405,000$