Pepper Company acquired 60 percent of the common stock of Safton Corporation on December 31,20X9.On the date of acquisition,Pepper held land with a book value of $200,000 and a fair value of $350,000;Safton held land with a book value of $300,000 and fair value of $300,000.At what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?
A)$290,000
B)$500,000
C)$590,000
D)$650,000

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The Answer of Pepper Company acquired 60 percent of the common stock of Safton Corporation on December 31,20X9.On the date of acquisition,Pepper held land with a book value of $200,000 and a fair value of $350,000;Safton held land with a book value of $300,000 and fair value of $300,000.At what amount would land be reported in a consolidated balance sheet prepared immediately after the combination?
A)$290,000
B)$500,000
C)$590,000
D)$650,000

Pepper Company Acquired 60 Percent of the Common Stock of Safton