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On January 1, 20X9, 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, 20X9, 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 of $60,000, lased on the preceding information, what amount of total inventory will be reported in the consolidated balance sheet prepared immediotely after the usiness combination? Based on the preceding information, what amount of total inventory will be reported in the consolidated balance sheet prepared immediately after the business combination? Multiple Choice $130,000 $135,000 590,000 $45,000

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