Question 7 0 out of 3 points Barrett Corporation acquired 100% of Merritt Corporation's common stock on December 31, 2021. At the date of the combination, the book values of Merritt's net asset and liabilities approximately book value except for inventory, which had a fair value of $85,000 and land, which had a fair value of $45,000. The balance sheet data for each company immediately following the combination is set forth below. Barrett Corporation Merritt Corporation Cash $49,000 $30,000 Accounts receivable. 110,000 45,000 Inventory 130,000 70,000 Land 80,000 25,000 Building and equipment 500,000 400,000 Accumulated depreciation (223,000) (165,000) Investment in Merritt Corporation 198,000 Total assets $844,000 $405,000 Accounts payable Taxes payable Bonds payable Common stock Retained earnings Total Liabilities and SE $61,500 $28,000 95,000 37,000 280,000 200,000 150,000 50,000 257,500 90,000 $844,000 $405,000 What is the amount of inventory reported on the consolidated balance sheet at the date of acquisition?