7. Company A acquires 100% of the stock of Company B that date, both Company A and Company B own land. In consolidation, how would the land of each company be valued? Both companies' land would be shown at the historical cost on their books. Both companies' land would be shown at their January 1, 2016 fair value The land of Company A (the parent) would be included in consolidation at its historical cost, and the land of Company B would be shown at fair value as of January 1, 2016. The land of Company A (the parent) would be included in consolidation at its January 1, 2016 fair value, and the land of Company B would be shown at its historical cost. a. b. c d. 8.--In 2016, Company P buys 100% of the stock of Company S for $100 million. The net fair value of the various identifiable assets and liabilities of Company S as of that date totals $108 million. The consolidated financial statements for 2016 would show which of the following? a. A gain on bargain purchase of $8 million b. A goodwill asset of negative $8 million c. A goodwill liability of $8 million d. A goodwill asset of positive $8 million tok of Comnany S. Company P has not