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: Pace Corporation Spin Item Cash Accounts Receivable Inventory Land Company 30,000 80,000 $ 25,000 40,000 150,000 55.000 65,000 40,000 Buildings and Equipment 260,000 160,000 Less Accumulated Depreciation (120,000) (50,000) Investment in Spin Company Stock 150,000 Total Assets S 615.000 $270,000 Accounts Payable $45.000 $33,000 Taxes Payable 20.000 8,000 Bonds Payable 200,000 100,000 Common Stock 50,000 20,000 Retained Earnings 109,000 $ 270.000 Total Liabilities and Stockholders' Equity 300,000 $ 615,000 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, what amount of liabilities will be reported in the consolidated balance sheet prepared immediately after the business combination? $265,000 O $615,000 $300,000 $406,000