Dotel Company's 12/31/15 balance sheet reports assets of $9,000,000 and liabilities of $3,750,000. All of Dotel's assets' book values approximate their fair value, except for land, which has a fair value that is $600,000 greater than its book value. On 12/31/15, Egbert Corporation paid $9,150,000 to acquire Dotel.

Which of the following statement is true for this purchase?

a) the asset of Dotel be adjusted down bh $600,000

b) the asset of Dotel be adjusted up by $900,000

c) the asset of Dotel be adjusted up by $600,000

d) none of the above