At the date of the business combination, the book values of catapult's assets and liabilities approximated fair value except for inventory, which had a fair value of $30,000, and land, which had a fair value of $95,000. based on the preceding information, what amount of total liabilities will be reported in the consolidated balance sheet prepared immediately after the business combination?
The inventory fair value must be considered for total liabilities to be negotiated. So, fair value of $30,000 plus land value $95,000 is equal to $125,000.
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