When Jolt Co

question 88

Multiple Choice

When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of $70,000 and a fair value of $100,000.
What amount should have been reported for the land in a consolidated balance sheet, assuming the investment was obtained prior to the date the purchase method of accounting for new business combinations was discontinued?

• A) $70,000.
• B) $75,000.
• C) $85,000.
• D) $92,500.
• E) $100,000.

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