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Mittelstaedt Inc., buys 60 percent of the outstanding stock of Sherry, Inc. Sherry owns a piece of land that cost $277,000 but had a fair value of $597,000 at the acquisition date. What value should be attributed to this land in a consolidated balance sheet at the date of takeover?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92753410

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