On January 1,20X9,Pallet Company Acquires 80 Percent Ownership in Slat

Multiple Choice

On January 1,20X9,Pallet Company acquires 80 percent ownership in Slat Corporation for $200,000.The fair value of the noncontrolling interest at that time is determined to be $50,000.Slat reports net assets with a book value of $250,000 and fair value of $250,000.Pallet Company reports net assets with a book value of $600,000 and a fair value of $650,000 at that time,excluding its investment in Slat.What will be the amount of consolidated net assets that would be reported immediately after the combination?

A) $680,000
B) $800,000
C) $900,000
D) $850,000