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9 Jackson Company acquires 100% of the stock of Clark Corporation on January 1, 2020, for $4,100 cash. As of that date Clark has the following trial balance: Debit Credit Cash $ 500 Accounts receivable 600 Inventory 900 Buildings (net) (5 year Life) 1, 600 Equipment (net) (2 year life) 1, 000 Land 900 Accounts payable $ 400 Long-term liabilities (due 12/31/22) 1,900 Common stock ,000 Additional paid-in capital 70 Retained earnings 1,500 Total $5,500 $5, 500 Net income and dividends reported by Clark for 2020 and 2021 follow: 2020 2021 Net income $120 $140 Dividends 40 50 The fair value of Clark's net assets that differ from their book values are listed below: Fair Value Buildings $1, 200 Equipment 1, 350 Land 1, 300 Long-term liabilities 1,750 Any excess of consideration transferred over fair value of net assets acquired is considered goodwill with an indefinite life. Compute the amount of Clark's buildings that would be reported in a December 31, 2020, consolidated balance sheet. Multiple Choice O $1,200. O $1,280. O $1,520. O $1,600