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Requlred Information [The following information applies to the questions displayed below.] On January 1, Jarel acquired 80 percent of the outstanding voting stock of Suarez for $260,000 cash consideration. The remaining 20 percent of Suarez had an acquisition-date fair value of $65.000. On January 1. Suarez possessed equipment (five year remaining life) that was undervalued on its books by $25,000. Suarez also had developed several secret formulas that Jarel assessed at $50,000. These formulas, although not recorded on Suarez's financial records, were estimated to have a 20-year future life. As of December 31, the financial statements appeared as follows: $ Jarel (308,000) 140,000 2.000 (140,000) (300,000) (140,000) Suarez $(200,000) 80, 900 10,980 $(110,000) $(150,000) (110,980) $ Revenues Cost of goods sold Expenses Net income Retained earnings, 1/1 Net income Dividends declared Retained earnings, 12/31 Cash and receivables Inventory Investment in Suarez Equipment (net) Total assets Liabilities Common stock Retained earnings, 12/31 Total liabilities and equities $(268,880) $ 90,000 110,000 $ (448,000) 218,000 150,000 260,989 449, 989 $ 1,860,000 (428,000) (200,000) ( 440,980) $(1,068,998) 300,000 $ $ 599,900 $(148, 980) (190,000) ( 268,000) $(500,000) Included in the preceding statements, Jarel sold inventory costing $80,000 to Suarez for $100.000. Of these goods. Suarez still owns 60 percent on December 31. What is the consolidated total for equipment (net) at December 312 Multiple Choice $735.000 $760,000 $765,000 $740,000