Elston Company Balance Sheet December 31, 2004 Assets            800,000 Liabilities       100,000 Capitalstock   400,000 Retainedearnings 300,000 Totalequities 800,000 Alley Company Balance Sheet December 31, 2004 Assets 600,000 Liabilities 150,000 Capitalstock 370,000 Retainedearnings 80,000 Totalequities 600,000 Elston Co. acquires 30% interest in Alley Company on Dec 31, 2004. The carrying amount of Alley's net assers on Dec 31, 2004 approximates its fair value. If the acquisition did not result to any implied goodwill. How much is the acquisition cost of the investment?

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