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Bailey,Inc.,buys 60 percent of the outstanding stock of Luebs,Inc.,in an acquisition that resulted in the recognition of goodwill. Luebs owns a piece of land that cost $200,000 but was worth $500,00 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.:- M967003

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