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 follows: Item Cash Accounts Receivable Inventory Land Buildings and Equipment Less: Accumulated Depreciation Investment in Spin Company Stock Total Assets Accounts Payable Taxes Payable Bonds Payable Pace Corporation $ 30,000 Spin Company $ 25,000 80,000 40,000 150,000 55,000 65,000 40,000 160,000 (50,000) 260,000 (120,000) 150,000 $ 615,000 $45,000 20,000 $ 270,000 $33,000 8,000 100,000 Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 200,000 50,000 20,000 300,000 109,000 $ 615,000 $ 270,000 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. Based on the preceding information, at what amount should total land be reported in the consolidated balance sheet prepared immediately after the business combination? $120,000 $130,000 $115,000 $105,000