Report in a consolidated balance sheet

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Reference no: EM13129144

Princeton company acquired 75 percent of the common stock of sheffield corporation on december 31, 2009. on the date of acquisition, princeton held land with book value 150,000 and a fair value of 300,000; sheffield held land with a book value 100,000 and fair value 500,000. using the entity theory, at what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?

Reference no: EM13129144

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