Xana Limited Paid $110 000 for 60% of the Shares

Xana Limited paid $110 000 for 60% of the shares in Yama Limited. At the date of acquisition Yama Limited had share capital of $100 000 and retained earnings of $36 000 and all of Yama Limited's assets and liabilities were recorded at fair value, except for land that was recorded at an amount less than the fair value by $20 000. The company tax rate was 30%. The fair value of identifiable net assets acquired by Xana Limited amounted to:

A) $60 000.
B) $90 000.
C) $110 000.
D) $150 000.