_____ on 6/1/06, Piner Acquired 80% of Siner's Outstanding Common

_____ On 6/1/06, Piner acquired 80% of Siner's outstanding common stock for $800,000 cash. On this date, Siner had (a) net assets that had book value of $750,000 and (b) land that had a book value of $300,000 and a current value of $400,000. Goodwill paid for was calculated to be $120,000. At what amount would Siner's land be reported in the consolidated balance sheet at 6/1/06 under the parent company concept?

A) $300,000
B) $320,000
C) $340,000
D) $380,000
E) $400,000