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?
A. $70,000.
B. $100,000.
C. $92,500.
D. $75,000.
E. $52,500.
Answer: B
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