Pace Corporation acquired 100 percent of Spin Company's common stock on January 1, 20X9. Balance sheet data for the two companies immediately following the acquisition follow:

At the date of the business combination, the book values of Spin's net assets and liabilities approximated fair value except for inventory, which had a fair value of $60,000, and land, which had a fair value of $50,000. The fair value of land for Pace Corporation was estimated at $80,000 immediately prior to the acquisition.

12. Based on the preceding information, what amount of total assets will appear in the consolidated balance sheet prepared immediately after the business combination?

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Spin Pace Corporation Item Company Cash $30,000 $25,000 Accounts Receivable 80,000 40,000 Inventory 150,000 55,000 65,000 40,000 Land Buildings and Equipment 260,000 160,000 Less: Accumulated Depreciation (120,000) (50,000) in spin Company Stock 150,000 Total Assets $615,000 $270,000 Accounts Payable $45,000 $33,000 Taxes Payable 20,000 8,000 200,000 Bonds Payable 100,000 20,000 Common Stock 50,000 300,000 Retained Earnings 109,000 Total Liabilities and Stockholders Equity $615,000 $270,000