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2- Dubai Corporation acquired 100 percent of Sharjah Company's common stock on January 1, 2019. Balance sheet data for the two companies immediately following the

2- Dubai Corporation acquired 100 percent of Sharjah Company's common stock on January 1, 2019. Balance sheet data for the two companies immediately following the acquisition follows:

Item

Dubai

Corporation

Sharjah

Company

Cash

$

30,000

$

25,000

Accounts Receivable

80,000

40,000

Inventory

150,000

55,000

Land

65,000

40,000

Buildings and Equipment

260,000

160,000

Less: Accumulated Depreciation

(120,000

)

(50,000

)

Investment in Spin Company Stock

150,000

Total Assets

$

615,000

$

270,000

Accounts Payable

$45,000

$33,000

Taxes Payable

20,000

8,000

Bonds Payable

200,000

100,000

Common Stock

50,000

20,000

Retained Earnings

300,000

109,000

Total Liabilities and Stockholders' Equity

$

615,000

$

270,000

At the date of the business combination, the book values of Sharjah's net assets and liabilities approximated fair value except for inventory, which had a fair value of $60,000, and land, which had a fair value of $50,000. The fair value of land for Dubai Corporation was estimated at $80,000 immediately prior to the acquisition.

a) Based on the preceding information, at what amount should total land be reported in the consolidated balance sheet prepared immediately after the business combination?

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