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Price Company acquired 75 percent of the common stock of Shandie Corporation on December 31, 2013. On the date of acquisition, Price held land with a book value of $150,000 and a fair value of $300,000; Shandie held land with a book value of $100,000 and fair value of $500,000. What amount would land be reported in the consolidated balance sheet prepared immediately after the combination? Select one: OA. 375,000 OB. 500,000 OC. 650,000 OD. 550,000

Price Company acquired 75 percent of the common stock of Shandie Corporation on December 31, 2013. On the date of acquisition, Price held land with a book value of $150,000 and a fair value of $300,000; Shandie held land with a book value of $100,000 and fair value of $500,000. What amount would land be reported in the consolidated balance sheet prepared immediately after the combination? Select one: OA. 375,000 OB. 500,000 OC. 650,000 OD. 550,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Price Company acquired 75 percent of the common stock of Shandie Corporation on December 31, 2013. On the date of acquisition, Price held land with a book value of $150,000 and a fair value of $300,000; Shandie held land with a book value of $100,000 and fair value of $500,000. What amount would land be reported in the consolidated balance sheet prepared immediately after the combination? Select one: OA. 375,000 OB. 500,000 OC. 650,000 OD. 550,000
Transcribed Image Text:Price Company acquired 75 percent of the common stock of Shandie Corporation on December 31, 2013. On the date of acquisition, Price held land with a book value of $150,000 and a fair value of $300,000; Shandie held land with a book value of $100,000 and fair value of $500,000. What amount would land be reported in the consolidated balance sheet prepared immediately after the combination? Select one: OA. 375,000 OB. 500,000 OC. 650,000 OD. 550,000
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