On December 31, 2010, Argo Inc. purchased 100% of the common shares of Navis Inc. for $500,000. The fair value of Navis's identifiable net assets was $540,000 on that date. At December 31, 2010, the fair values and carrying amounts of Navis's identifiable net assets were equal except that the equipment's fair value exceeded its carrying amount by $20,000 and the long-term liabilities' fair value exceeded its carrying amount by $30,000. What is the carrying amount of Navis's identifiable net assets?! $580,000 $490,000 $550,000 $530,000
