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MacHeath Inc. bought 60% of the outstanding common stock of Nomes Inc. in a purchase that resulted in the recognition of goodwill. Nomes owned a piece of land that cost $250,000 but was worth $600,000 at the date of purchase. For each of the three concepts described in the chapter, what value would be attributed to this land in a consolidated balance sheet at the date of takeover? Economic Proportionate Parent

Unit Consolidation Company

Concept Concept Concept

A $600,000 $360,000 $600,000
B $250,000 $150,000 $600,000
C $360,000 $250,000 $600,000
D $600,000 $360,000 $460,000

a) Entry A

b) Entry B

c) Entry C

d) Entry D

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M974695

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