financial statements of par corp and its subsidiary star inc on december 31 year 12 are shown below/

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On January 1, Year 5, the balance sheet of Star showed the following share-holders equity:
$8 cumulative preferred shares, 500 shares issued…$ 50,000
Common shares, 2,000 shares issued……. 200,000
Deficit (Note 1)………….. (80,000)
…………………. $170,000
On this date, Par acquired 1,400 common shares of Star for a cash payment of $280,000.
The fair values of Star identifiable net assets differed from carrying amounts only with respect to the following:

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