On January 1, 20X1, Par Inc acquires 80.49% of Sub Corp for $165,931 in cash. Immediately before the acquisition, the book value of Sub's identifiable net assets was $112,461 with a fair value of $126,289, while the book value of Par's net assets was $221,237. What will be the amount of non-controlling interest (NCI) on the consolidated balance sheet immediately after the acquisition if the fair-value-enterprise (FVE) method is used?

a.

$37,204

b.

$36,198

c.

$40,220

d.

$38,209

e.

$39,215