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sheet were prepar $500,000 A. $480,000 $400,000 $320,000 B. C. D. amount would land be reported?

sheet were prepar $500,000 A. $480,000 $400,000 $320,000 B. C. D. amount would land be reported?

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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P Co. buys 60% of the outstanding common stock of S Co. On this date, P has land with a book value of $200,000 and a fair value of $300,000. S has land with a book value of $100,000 and a fair value of $200,000. If a consolidated balance sheet were prepared on this date, at what amount would land be reported? A. B. C. D. $500,000 $480,000 $400,000 $320,000
Transcribed Image Text:P Co. buys 60% of the outstanding common stock of S Co. On this date, P has land with a book value of $200,000 and a fair value of $300,000. S has land with a book value of $100,000 and a fair value of $200,000. If a consolidated balance sheet were prepared on this date, at what amount would land be reported? A. B. C. D. $500,000 $480,000 $400,000 $320,000
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