Polypipe Company acquired 80% of Svedex Companys voting stock for $95,000 in cash. The noncontrolling interest had an estimated fair value of $20,000. Some of Svedexs identifiable assets and liabilities at the date of acquisition had fair values that were different from reported values, as follows:

	Book Value	Fair Value
Property, net	$ 6,000	$ 4,000
Licensing agreements	1,000	25,000

Svedexs total shareholders equity at the date of acquisition was as follows:

Capital stock	$5,000
Retained deficit	(400)
Treasury stock	(50)
Total	$ 4,550

On a date-of-acquisition consolidation working paper, eliminating entry (E) credits Investment in Svedex in the amount of

Select one:

a. $4,360

b. $4,000

c. $3,640

d. $3,980