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What amount is the building reported on the consolidated

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Reference no: EM132931139

Problem 1: Percy Inc. acquired 80% of the outstanding stock of Sillson Company in a business combination. The book values of Sillson's net assets are equal to the fair values except for the building, whose net book value and fair value are $500,000 and $800,000, respectively. At what amount is the building reported on the consolidated balance sheet?

A. $400,000
B. $500,000
C. $640,000
D. $800,000

Reference no: EM132931139

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