4. On January 1, Year One, the Plain Company paid over outstanding shares of the Simple Company although this company's net book value was only $1.6 million. One reason that Plain made this excess payment was that Simple owned land with a book value of S400,000 and a fair value of $1 million. Plain had land also, with a book value of $800,000 and a fair value of $900,000. Three years later, Simple still holds this property but has bqught additional land. Plain also has its land as well as newly-acquired acreage. Simple reports a book value of $700,000 which is now worth $1.6 million and Plain reports a book value of $1.1 million which is now worth $1.4 million. On this later date, what is the consolidated balance to be reported for land? $3 million for all of the a. $1.7 million b. $2.4 million c. $2.5 million Sele ir d. $3.0 million