On January 1,20X5,Playa Company Acquires 90 Percent Ownership in Seaside

Multiple Choice

On January 1,20X5,Playa Company acquires 90 percent ownership in Seaside Corporation for $180,000.The fair value of the noncontrolling interest at that time is determined to be $20,000.Seaside reports net assets with a book value of $200,000 and fair value of $200,000.Playa Company reports net assets with a book value of $480,000 and a fair value of $525,000 at that time,excluding its investment in Seaside.What will be the amount of consolidated net assets that would be reported immediately after the combination?

A) $544,000
B) $660,000
C) $680,000
D) $725,000