Velway acquired Joker Inc. on January 1, 2018. The parent paid more than the fair value of the subsidiary's net assets. On that date, Velway had equipment with a book value of $500,000 and a fair value of $640,000. Joker had equipment with a book value of $400,000 and a fair value of $470,000. Joker decided to use push-down accounting. Immediately after the acquisition, what Equipment amount would appear on Joker's separate balance sheet and on Velway's consolidated balance sheet, respectively? $400,000 and $970,000 $400,000 and $900,000 $470,000 and $970,000 $470,000 and $900,000
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