The Paris Company purchased an 80% interest in Seine, Inc. for $600,000 on July 1, 2015, when Seine had the following balance sheet: Assets 50,000 120,000 80,000 270,000 Accounts receivable Land Building 80,000 Total $600,000 Liabilities and Equity Current liabilities Common stock, $5 par Paid-in capital in excess of par Retained earnings uly1) $100,000 60,000 140,000 300,000 $600,000 Total The inventory is understated by $20.000 and is sold in the third quarter of 2015. The building has a fair