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What amount should have been reported for the land

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Reference no: EM132346083

Question

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 value of $100,000.
What amount should have been reported for the land in a consolidated balance sheet at the acquisition date?

Reference no: EM132346083

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