1. P Co. buys 60% of the outstanding common stock of S Co. On this date, P has land with a book value of $200,000 and a fair value of $300,000. S has land with a book value of $100,000 and a fair value of $200,000. If a consolidated balance sheet were prepared on this date, at what amount would land be reported? A. B. C. D. $500,000 $480,000 $400,000 $320,000

P Co. buys 60% of the outstanding common stock of S Co. On this date, P has land with a book value of $200,000 and a fair value of $300,000. $ has land with a book value of $100,000 and a fair value of $200,000. If a consolidated balance sheet were prepared on this date, at what amount would land be reported? A. $500,000 B. $480,000 C. $400,000 D. $320,000