BC and OP are.both private not-for-profit organizations. They are combined to create MN, a private not-for-profit organization with an entirely new board of directors. BC has land with a book value of $300,000 and a fair value of $400,000. OP has land with a book value of $500,000 and a fair value of $550,000. After MN has been formed, what is reported for land?
a. $800,000.
b. $850,000.
c. $900,000.
d. $950,000.
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