Pepper Company acquired 60 percent of the common stock of Safton Corporation on December 31, 20X5. On the date of acquisition, Pepper held land with a book value of $200,000 and a fair value of $350,000; Safton held land with a book value of $300,000 and fair value of $300,000. At what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?

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