Chain Co. owned all of the voting common stock of Shannon Corp. The corporations' balance sheets dated
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Chain Co. owned all of the voting common stock of Shannon Corp. The corporations' balance sheets dated December 31, 2009, include the following balances for land: for Chain-$416,000 and for Shannon-$256,000. On the original date of acquisition, the book value of Shannon's land was equal to its fair value. On April 4, 2010, Chain sold to Shannon a parcel of land with a book value of $65,000. The selling price was $83,000. There were no other transactions which affected the companies' land accounts during 2010. What is the consolidated balance for land on the 2010 balance sheet?
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
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