Pickup Company acquired 100 percent of the voting common shares of Sedan Corporation by issuing bonds with a par value and fair value of $200,000. Immediately prior to the acquisition, Pickup reported total assets of $600,000, liabilities of $370,000, and stockholders' equity of $230,000. At that date, Sedan reported total assets of $500,000, liabilities of $300,000, and stockholders' equity of $200,000. Included in Sedan's liabilities was an account payable to Pickup in the amount of $50,000, which Pickup included in its accounts receivable.Based on the preceding information, what amount of total assets was reported in the consolidated balance sheet immediately after acquisition?
A. $600,000
B. $800,000
C. $1,150,000
D. $1,050,000
Answer: D
Business
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