King Limited Paid $220 000 for 70% of Prince Limited

Multiple Choice

King Limited paid $220 000 for 70% of Prince Limited. At the date of acquisition Prince Limited had share capital of $200 000 and retained earnings of $100 000 and all of Prince Limited's assets and liabilities were recorded at fair value. The fair value of identifiable net assets acquired by King Limited amounted to:

A) $154 000.
B) $210 000.
C) $300 000.
D) $220 000.