Ponti Company Purchased the Net Assets of the Sorri Company

Ponti Company purchased the net assets of the Sorri Company for $800,000. The book value of the net assets of Sorri Company were as follows on the acquisition date: $\begin{array}{lr}\text { Cash } & \$ 50,000 \\\text { Inventory } & 150,000 \\\text { Land } & 150,000 \\\text { Building (net) } & 400,000 \\\text { Liabilities } & (200,000) \\\quad \text { Net assets } & \$ 550,000\end{array}$ The market values were as follows: Inventory, $160,000; Land, $170,000; Building, $450,000. The excess purchase price is allocated to goodwill. On the consolidated statement of cash flows, what is the amount that will appear as cash applied to investing as a result of this purchase?

A) $800,000
B) $720,000
C) $750,000
D) $670,000