On January 1, 2009, Elva Corp. paid $750,000 for 80% of Fenton Co. when the book value of Fenton's net assets was $800,000. Fenton owned a building with a fair value of $150,000 and a book value of $120,000.
Required: At what amount would the building appear on a consolidated balance sheet prepared immediately after the combination, assuming Elva used the acquisition method? Show all of your work.