QUESTION 17 On January 1, 20X9, Pirate Corporation acquired 80 percent of Sea-Gull Company's common stock for $160,000 cash. The fair value of the noncontrolling interest at that date was determined to be $40,000. Data from the balance sheets of the two companies included the following amounts as of the date of acquisition: Pirate Corp Sea-Gull Corp Cash Accounts Receivable Inventory $ 60,000 $ 20,000 80,000 30,000 90,000 40,000 Land 100,000 40,000 Buildings and Equipment 200,000 150,000 Less: Accumulated Depreciation. (80,000) (50,000) Investment in Sea-Gull Corp 160,000 Total Assets 610,000 $ 230,000 Accounts Payable $110,000 $ 30,000 Bonds Payable 95,000 40,000 Common Stock 200,000 40,000 Retained Earnings Total Liabilities and Equity 205,000 $610,000 120,000 $ 230,000 At the date of the business combination, the book values of Sea-Gull's net assets and liabilities approximated fair value except for inventory, which had a fair value of $45,000, and land, which had a fair value of $60,000. Based on the preceding information, what amount of total inventory will be reported in the consolidated balance sheet prepared immediately after the business combination? O $135.000 $90,000 $45,000 O $130,000 2 points