BC and OP are both private not$-$for$-$profit entities. They combine to create LM$,$ a new private not$-$for$-$profit entity with an entirely new board of directors. $BC$ holds land with a book value of $$300,000$ and a fair value of $$400,000.$ OP holds land with a book value of $$500,000$ and a fair value of $$550,000.$ After LM has been formed, what is the reported value of the land account?

a$.$ $$800,000$

b$.$ $$850,000$

c$.$ $$900,000$

d$.$ $$950,000$