On January 1, 2018, the Moody Company entered into a transaction for 100% of the outstanding common stock of Osorio Company. To acquire these shares, Moody Issued $400 in long-term liabilities and also issued 40 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Moody paid $20 to lawyers, accountants, and brokers for assistance in bringing about this acquisition. Another $15 was paid in connection with stock issuance costs. Prior to these transactions, the balance sheets for the two companies were as follows: Cash Receivables Inventories Land Buildings (net) Equipment (net) Accounts payable Long-term liabilities Common stock ($1 par) Connon stock ($20 par) Additional paid-in capital Retained earnings Moody $ 180 Osorio $ 40 810 180 1,080 280 600 360 1,260 440 480 100 (450) (80) (1,290) (400) (330) (240) (1,080) (340) (1,260) (340) Note: Parentheses indicate a credit balance. In Moody's appraisal of Osorio, three assets were deemed to be undervalued on the subsidiary's books: Inventory by $10, Land by $40, and Buildings by $60. oute the amount of consolidated land at date of acquisition. Multiple Choice O O O O O $1,000. $960. $920. $400. $320