Chain CoOwned All of the Voting Common Stock of Shannon Corp

question 76

Multiple Choice

Chain Co.owned all of the voting common stock of Shannon Corp.The corporations' balance sheets dated December 31, 2017, include the following balances for land: for Chain--$416,000, and for Shannon--$256,000.On the original date of acquisition, the book value of Shannon's land was equal to its fair value.On April 4, 2018, Chain sold to Shannon a parcel of land with a book value of $65,000.The selling price was $83,000.There were no other transfers, which affected the companies' land accounts during 2017.What is the consolidated balance for land on the 2018 balance sheet?

• A) $672,000.
• B) $690,000.
• C) $755,000.
• D) $737,000.
• E) $654,000.

Learn and apply the representation of numbers in Roman numerals.

Grasp the principles of exponential notation and its application in mathematical expressions.

Interpret and execute basic mathematical operations: addition, subtraction, multiplication, and division.

Apply mathematical operations to solving problems in measurement units conversion (e.g., length, volume, mass).

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