On 1/1/20X1, P bought 70% of the outstanding common stock of S in an acquisition that resulted in the recognition of $20,000 of goodwill. . On the purchase date, S owned a patent with a book value of $100,000 and fair value of $800,000. . On the purchase date, P owned a patent with a book value of $50,000 and fair value of $300,000. What will be the balance reported for "Patents" in a consolidated balance sheet prepared immediately after the acquisition on 1/1/20X1? This content is copyrighted