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The assets of the Aerospace Inc. (a separately incorporated entity fully owned subsidiary of ABC Transport Inc.) showed the following asset carrying values on December 31st, 2013 (in millions):
Cash $100
Accounts Receivable $20
Inventories $10
Property, Plant & Equipment (net) $200
Patents (net) $20
Goodwill $75
Total $425
On December 31st, 2013, the fair values of the assets listed above were as follows:
Accounts Receivable $15
Inventories $25
Property, Plant & Equipment (net) $120
Patents (net) $60
Total $320
Both ABC and Aerospace Inc. adhere to IFRS.
Question 1: Given the information provided above, what would be the carrying value of Aerospace Inc's Property, Plant and Equipment on January 1st, 2014?
Option 1: Nil.
Option 2: $30 million.
Option 3: $105 million.
Option 4: $75 million.
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