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

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
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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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