Problem

Mittelstaedt Inc., buys 60 percent of the outstanding stock of Sherry, Inc. Sherry owns...

Mittelstaedt Inc., buys 60 percent of the outstanding stock of Sherry, Inc. Sherry owns a piece of land that cost $212,000 but had a fair value of $549,000 at the acquisition date. What value should be attributed to this land in a consolidated balance sheet at the date of takeover?

a. $549,000 .

b. $337,000 .

c. $127,200 .

d. $421,800

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