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When Jolt Co

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When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of $70,000 and a fair market value of $100,000.

11. What amount should have been reported for the land on a consolidated balance sheet, assuming the economic unit concept was used?
A) $ 70,000
B) $ 75,000
C) $ 85,000
D) $ 92,500
E) $100,000

12. What amount should have been reported for the land on a consolidated balance sheet, assuming the proportionate consolidation concept was used?
A) $ 70,000
B) $ 75,000
C) $ 85,000
D) $ 92,500
E) $100,000

13. What amount should have been reported for the land on a consolidated balance sheet, assuming the parent company concept was used?
A) $ 70,000
B) $ 75,000
C) $ 85,000
D) $ 92,500
E) $100,000