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When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land...

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Accounting

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 value of $100,000. What amount should have been reported for the land in a consolidated balance sheet at the acquisition date?

$52,500. $70,000. $75,000. $92,500. $100,000.

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