Lorne CoIssued Its Common Stock in Exchange for the Common Stock

question 97

Essay

Lorne Co.issued its common stock in exchange for the common stock of Fenn Corp.in a combination accounted for as a pooling of interests.At the date of the combination,Lorne had land with a book value of $700,000 and a fair value of $980,000.Fenn had land with a book value of $280,000 and a fair value of $250,000.The purchase was not a bargain purchase.
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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