On January 1, 2014, Punch Corporation purchased 100% of the common stock of Soopy Co. Separate balance sheet data for the companies at the acquisition date (after the acquisition) are given below: Punch Soopy Cash $34,000 $206,000 A/R 144,000 26,000 Inventory 132,000 38,000 Land 68,000 32,000 Plant assets 460,000 240,000 Investment in Soopy 392,000 Accounts payable $206,000 $142,000 Capital stock 800,000 300,000 Retained earnings 224,000 100,000 Total liabilities & equities $ 1,230,000 $ 542,000 At the date of the acquisition, the book values of Soopy net assets were equal to the fair value except for Soopy's inventory, which had a fair value of $60,000. What amount of total liabilities will be reported in Consolidated balance Sheet? Select one: a. 348,000 b. 206,000