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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 market value of $100,000.

What amount should have been reported for the land on a consolidated balance sheet, assuming the Economic Unit Concept was used?

A $70,000
B $75,000
C $85,000
D $92,500
E $100,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M995050

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