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  3. 1. paar corporation bought 100 percent of kimmel,

1. Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2018. On that...

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Accounting

1. Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2018. On that date, Paars equipment (10-year remaining life) has a book value of $427,000 but a fair value of $593,000. Kimmel has equipment (10-year remaining life) with a book value of $297,000 but a fair value of $463,000. Paar uses the equity method to record its investment in Kimmel. On December 31, 2020, Paar has equipment with a book value of $298,900 but a fair value of $497,900. Kimmel has equipment with a book value of $207,900 but a fair value of $417,000. What is the consolidated balance for the Equipment account as of December 31, 2020?

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