Paccu Corporation acquired 100 percent of Sallee Company's common stock on January 1, 20x7. Balance sheet data for the two companies immediately following the acquisition follow: Paccu Sallee Cash :5 50,000 $ 30,000 Accounts Receivable 60,000 35,000 Inventory 130,000 45,000 Land 75,000 60,000 Buildings and Equipment 310,000 170,000 Less: Accumulated Depreciation (130,000) (30,000) Investment in Sallee Company Stock 250,000 Total Assets $ 745,000 $310,000 Accounts Payable $ 40,000 $ 35,000 Taxes Payable 30,000 12,000 Bonds Payable 250,000 50,000 Common Stock 75,000 75,000 Retained Earnings 350,000 138,000 Total Liabilities and Stockholders' Equity :3 745,000 $310,000 At the date of the business combination, the book values of Sallee's assets and liabilities approximated fair value except for inventory, which had a fair value of $55,000, and land, which had a fair value of $65,000. The fair value of land for Paccu Corporation was estimated at $90,000 immediately prior to the acquisition