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BC and OP are both private not-for-profit entities. They combine to create LM, a new...

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Accounting

BC and OP are both private not-for-profit entities. They combine to create LM, a new private not-for-profit entity with an entirely new board of directors. BC holds land with a book value of $300,000 and a fair value of $400,000. OP holds land with a book value of $500,000 and a fair value of $550,000. After LM has been formed, what is the reported value of the land account?
a. $800,000
b. $850,000
c. $900,000
d. $950,000
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