Placid Lake Corporation acquired 90 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2020, when Scenic had a net book value of $460,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $4,000 per year. Placid Lake's 2021 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $360,000. Scenic reported net income of $170,000. Placid Lake declared $160,000 in dividends during this period; Scenic paid $46,000. At the end of 2021, selected figures from the two companies' balance sheets were as follows: Placid Lake Inventory Land $ 200,000 660,000 Equipment (net) 460,000 Scenic $ 96,000 260,000 360,000 During 2020, intra-entity sales of $105,000 (original cost of $54,000) were made. Only 30 percent of this inventory was still held within the consolidated entity at the end of 2020. In 2021, $150,000 in intra-entity sales were made with an original cost of $65,000. Of this merchandise, 40 percent had not been resold to outside parties by the end of the year. Each of the following questions should be considered as an independent situation for the year 2021. e. Assume that no intra-entity inventory sales occurred between Placid Lake and Scenic. Instead, in 2020, Scenic sold land costing $36,000 to Placid Lake for $62,000. On the 2021 consolidated balance sheet, what value should be reported for land