On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for $160,000 cash. The fair value of the noncontrolling interest at that date was determined to be $40,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accumulated Depreciation Investment in Sea-Gull Corp. Total Assets Accounts Payable Bonds Payable Common Stock Retained Earnings Total Liabilities and Equity Pirate Corp. Sea-Gull Corp. $ 60,000 $ 20,000 80,000 30,000 90,000 40,000 100,000 40,000 200,000 150,000 (80,000) (50,000) 160,000 $ 610,000 $ 230,000 $ 110,000 $ 30,000 95,000 40,000 200,000 40,000 205,000 120,000 $610,000 $ 230,000 At the date of the business combination, the book values of Sea-Gull's net assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and land, which had a fair value of $60,000. Based on the preceding information, what amount will be reported as noncontrolling interest in the consolidated balance sheet prepared immediately after the business combination? $40,000 $15,000 $0 $46,000