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: 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. ased on the preceding information, what amount of total liabilities will be reported in the consolidated balance sheet prepared immediately after the isiness combination? Murtiple Choice $395,000 5195.000 5275,000 $280,000