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Pace Corporation acquired 100 percent of Spin Company's common stock on January 1,205. Balance sheet data for the two companies immediately following the acquisition follows: 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. ased on the preceding information, what amount of retained earnings will be reported in the consolidated balance sheet epared immediately after the business combination