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Question: beta company acquired 100 percent of the voting common shares...

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Beta Company acquired 100 percent of the voting common shares of Standard Video Corporation, its bitter rival, by issuing bonds with a par value and fair value of $150,000. Immediately prior to the acquisition, Beta reported total assets of $500,000, liabilities of $280,000, and stockholders' equity of $220,000. At that date, Standard Video reported total assets of $400,000, liabilities of $250,000, and stockholders' equity of $150,000. Included in Standard's liabilities was an account payable to Beta in the amount of $20,000, which Beta included in its accounts receivable. Based on the preceding information, what amount of total liabilities was reported in the consolidated balance sheet immediately after acquisition? $500,000 $530,000 $280,000 $660,000

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