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Pace Corporation acquired 100 percent of Spin Company's common stock on January 1, 2020. Balance sheet data for the two companies immediately following the acquisition follow: Spin Company $25,000 40,000 55,000 40,000 160,000 (50,000) 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 Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Pace Corporation $30,000 80,000 150,000 65,000 260,000 (120,000) 150,000 $615,000 $45,000 20,000 200,000 50,000 300,000 $615,000 $270,000 $33,000 8,000 100,000 20,000 109,000 $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. 3. At what amount should total land be reported in the consolidated balance sheet prepared immediately after the business combination (4 points)