On January 1, 2020, Pail Corporation acquired 80 percent of Sand Company's common stock for $630,000 cash. The fair value of the noncontrolling interest at that date was determined to be $157,500 At the date of the business combination, the book values of Sand's net assets and liabilities approximated fair value except for depreciable plant assets, which were OVERvalued by $8000 and Inventory, which was UNDERvalued by $4500 The remaining useful life of the plant assets was set at 5 years. For the year ended December 31, 2020, Pail reported Cost of Goods Sold of $17000 on its general ledger. Sand reported Cost of Goods Sold of $12000 on its general ledger. What amount of COST OF GOODS SOLD should be reported on the 12/31/20 consolidated Income Statement