West, Inc. holds $100$ percent of the common stock of Coast Company, an investment acquired for $$680,000.$ Immediately following the combination, West's net assets have a book value of $$1,150,000$ and a fair value of $$1,390,000.$ The book value and the fair value of Coast's net assets on the date of combination are $$400,000$ and $$550,000,$ respectively. Immediately following the combination, a consolidated balance sheet is prepared.

What will be the amount of net assets reported in the consolidated balance sheet, prepared immediately following the combination?  

Answer rating: 100% (QA)

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