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QUESTION
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 market value of $100,000.
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 market value of $100,000. What amount should have been reported for the land on a consolidated balance sheet, assuming the Economic Unit Concept was used?A $70,000B $75,000C $85,000D $92,500E $100,000
