What amount should have been reported for the land in a consolidated balance sheet at the acquisition date?
A) $ 52,500.
B) $ 70,000.
C) $ 75,000.
D) $ 92,500.
E) $100,000.

Name: What amount should have been reported for the land in a consolidated balance sheet at the acquisition date? A) $ 52,500. B) $ 70,000. C) $ 75,000. D) $ 92,500. E) $100,000.
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Quizplus · Accepted Answer

The land should be reported at its fair value at the acquisition date, which is $100,000.

What Amount Should Have Been Reported for the Land in a Consolidated