Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on december 31,20x5, play company acquired 80 perc

On December 31,20X5, Play Company acquired 80 percent of the common stock of...

80.2K

Verified Solution

Question

Accounting

On December 31,20X5, Play Company acquired 80 percent of the common stock of Station Company. At the time, Play held land with a book value of $100,000 and a fair value of $260,000; Station held land with a book value of $600,000 and fair value of $600,000. 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
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

Statistics
1.2K views

Patsy Pennypincher is very concerned with the rising cost of education. She collected a sample of...

Biology
1.2K views

Etanercept is a TNF-α antagonist composed of the dimeric fusion protein of extracellular ligand-binding portion of...

Physics
1.2K views

A horizontal incident beam consisting of white light passes through an equilateral prism, like the one...

Biology
1.2K views

Which of the following types of bacterial cells would have flagella located at only one...

Physics
1.2K views

18 Four holes of radius R are cut from a thin square plate of side...

Physics
1.2K views

A tube filled with water rotating with angular velocity w Find equation of curve so...

Basic Math
1.2K views

Section 2 Knowledge Understanding Directions For each of the questions in this section show all...

Statistics
1.2K views

Match these values of r with the accompanying scatterplots 0 998 0 404 1 0...

Accounting
1.2K views

Find an article on an employee's need for "soft skills" and strong communication skillsin...

Accounting
1.2K views

Please help verify that the answers are correct. The Business Situation Concrete Helmet...

Accounting
1.2K views

If a trial balance is not in balance (the Debit and Credit columns are not...

Accounting
1.2K views

RECEIVABLES LEDGER CONTROL ACCOUNT Opening balance 138400 Cash received from credit customers 78420 216820 Credit...