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Shannon Co. owned all of the voting common stock of Chain Corp. The corporations' balance sheets dated December 31, 2005, include the following balances for land: for Shannon--$416,000, and for Chain--$256,000. On the original date of acquisition, the book value of Chain's land was equal to its fair market value. On April 4, 2006, Shannon sold to Chain 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 2006. What is the consolidated balance for land on the 2006 balance sheet?

a) $672,000

b) $690,000

c) $755,000

d) $737,000

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Accounting Basics, Accounting

Category:- Accounting Basics
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