Advanced Accounting 10th Edition by Thomas Schaefer, Joe Ben Hoyle, Timothy Doupnik

Exercise 43

Bailey, Inc., buys 60 percent of the outstanding stock of Luebs, Inc.Luebs owns a piece of land that cost $200,000 but was worth $500,000 at the acquisition date.What value should be attributed to this land in a consolidated balance sheet at the date of takeover a.$120,000.
B)$300,000.
C)$380,000.
D)$500,000.