Problem

If the fair value of a subsidiary’s land was $100,000 and its book value was $90,000 when...

If the fair value of a subsidiary’s land was $100,000 and its book value was $90,000 when the parent acquired its 100 percent interest for cash, at what amount would the land be included in the consolidated balance sheet immediately after the acquisition? Would your answer be different if the parent had acquired an 80 percent interest?

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Solutions For Problems in Chapter 3