13. On December 31, 20X9, Rudd Company acquired 80 percent of the common stock of...
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13. On December 31, 20X9, Rudd Company acquired 80 percent of the common stock of Wilton Company. At the time, Rudd held land with a book value of $100,000 and a fair value of $260,000; Wilton held land with a book value of $50,000 and fair value of $600,000. Using the parent company theory, at what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?
A. $550,000
B. $590,000
C. $700,000
D. $860,000
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