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.
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