Select the correct answer for each of the following questions.
Lead Corporation established a new subsidiary and transferred to it assets with a cost of $90,000 and a book value of $75,000. The assets had a fair value of $100,000 at the time of transfer. The transfer will result in:
a. A reduction of net assets reported by Lead Corporation of $90,000.
b. A reduction of net assets reported by Lead Corporation of $75,000.
c. No change in the reported net assets of Lead Corporation.
d. An increase in the net assets reported by Lead Corporation of $25,000.
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