Fine CoIssued Its Common Stock in Exchange for the Common Stock

question 71

Essay

Fine Co.issued its common stock in exchange for the common stock of Dandy Corp.in a business combination that was neither a pooling of interests nor a bargain purchase.At the date of the combination,Fine had land with a book value of $480,000 and a fair value of $620,000.Dandy had land with a book value of $170,000 and a fair value of $190,000.
Required:
If a consolidated balance sheet was prepared at the date of the combination,what was the consolidated balance for Land?

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Definitions:

Retailer

A company that sells goods to consumers for their use, rather than for resale to others.

End-user Consumers

Individuals who are the final users of products or services, typically distinguished from intermediaries or resellers.

Subsector

A division of a larger sector or industry, often defined by specific characteristics or types of activities.

NAICS

The North American Industry Classification System, a standard used by federal statistical agencies to classify business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.