Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. bc and op are both private not-for-profit entities

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

60.1K

Verified Solution

Question

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
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Create a portfolio using the three stocks and information below: Expected Return Standard Deviation Weight in Portfolio Stock A 18.00% 16.00% 35.00% Stock B 22.00% 10.00% 15.00% Stock...

Basic Math
1.2K views

A certain element has a half life of 2.52.5 billion years. a. You find a rock containing a...

Economics
1.2K views

Bhagavad Gita, how does the war conches that krishna and the Pandava brothers blow suggest things...

Physics
1.2K views

Define and describe the following, if you can, site some example/simple analogy. 1. Wave-particle duality of light 2....

Biology
1.2K views

Figure 1 Landscape

Physics
1.2K views

59 A light ray is travelling through a ring of an optical fibre which is...

Accounting
1.2K views

3. The company returns $5,200 of the merchandise due to damage during shipment.

Accounting
1.2K views

Accounting
1.2K views

Emily Company uses a periodic inventory system. At the end of the annual accounting period,...

Accounting
1.2K views

This assignment will use Coca-Cola Consolidated Inc. (ticker symbol COKE). Here is a link to...

Accounting
1.2K views

can you please do require 1 Required information Use...

Finance
1.2K views

Your factory has been offered a contract to produce a part for a new printer....