_____ In a step acquisition, Pardox went from 25% ownership of Sardox to 100% ownership. Immediately before achieving control, Pardox's analysis of its Investment account showed $20,000 assigned to undervalued land of Sardox. At the control date, Sardox's land had a current value of $500,000 and a book value of $400,000. At what amount should Sardox's land be reported in the consolidated financial statements under the parent company concept?
A) $400,000
B) $420,000
C) $495,000
D) $500,000

Question

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The Answer of _____ In a step acquisition, Pardox went from 25% ownership of Sardox to 100% ownership. Immediately before achieving control, Pardox's analysis of its Investment account showed $20,000 assigned to undervalued land of Sardox. At the control date, Sardox's land had a current value of $500,000 and a book value of $400,000. At what amount should Sardox's land be reported in the consolidated financial statements under the parent company concept?
A) $400,000
B) $420,000
C) $495,000
D) $500,000

_____ in a Step Acquisition, Pardox Went from 25% Ownership