Take Test: Adv Fin Acctg MidTerm Question Completion Status: QUESTION 32 Pace Corporation acquired 100 percent of Spin Company's common stock on January 1, 20X9. Balance sheet data for the two companies immediately following the acquisition follows: Item Cash Pace Corporation $ 30,000 Accounts Receivable Inventory 80,000 150,000 Spin Company $ 25,000 40,000 55,000 Land 65,000 40,000 Buildings and Equipment 260,000 160,000 Less: Accumulated Depreciation (120,000) (50,000) Investment in Spin Company Stock 150,000 Total Assets Taxes Payable Bonds Payable $ 615,000 $ 270,000 Accounts Payable $45,000 $33,000 20,000 200,000 8,000 100,000 Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 50,000 20,000 300,000 109,000 $ 615,000 $ 270,000 At the date of the business kombination, the book values of Spin's net assets and liabilities approximated fair value except for inventory, which had a fair value of $60,000, and land, which had a fair value of $50,000. The fair value of land for Pace Corporation was estimated at $80,000 immediately prior to the acquisition. Based on the preceding information, what amount of total stockholders' equity will be reported in the consolidated balance sheet prepared immediately after the business combination? $479,000 $350,000 $300,000 $315,000 Click Save and Submit to save and sub Click Save All Ame