On april 4 2011 chain sold to shannon a parcel of land with, Ask an Expert

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Chain Co. owned all of the voting common stock of Shannon Corp. The corporations' balance sheets dated December 31, 2010, include the following balances for land: for Chain--$416,000, and for Shannon--$256,000. On the original date of acquisition, the book value of Shannon's land was equal to its fair value. On April 4, 2011, Chain sold to Shannon a parcel of land with a book value of $65,000. The selling price was $83,000. There were no other transactions which affected the companies' land accounts during 2010. What is the consolidated balance for land on the 2011 balance sheet?

A. $672,000.

B. $690,000.

C. $755,000.

D. $737,000.

E. $654,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
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