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Bell Co. acquires 75% of the outstanding stock of Maxon Corporation in a business combination. The book values of Maxon's net assets are equal to
Bell Co. acquires 75% of the outstanding stock of Maxon Corporation in a business combination. The book values of Maxon's net assets are equal to the fair values except for a warehouse which has a net book value and fair value of $420,000 and $700,000, respectively. At what value would the warehouse be reported on the consolidated balance sheet?
$315,000
$420,000
$525,000
$700,000
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