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On January 1, 209, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for...

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Accounting

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On January 1, 209, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for $160,000 cash. The fair value of the noncontrolling interest at that date was determined to be $40,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: At the date of the business combination, the book values of Sea-Gull's net assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and land, which had a fair value 0 \% $60,000. Based on the preceding information, what amount of total assets will be reported in the consolidated balance sheet prepared immediately after the business combination? Multiple Choice $840,000 $825,000 $865,000 $720,000

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