Joe, Inc. purchased 100% of the outstanding common stock of Miller, Inc. two years ago. At that time, Miller, Inc. had land with a BV of $500,000 and a FMV of $300,000, and Miller, Inc. still owns the land. The current FMV of the land is $350,000. The consolidated balance of that land would be ________ and the consolidation entry relating to the land will be _________.

a)

$350,000; Credit to Land of $150,000

b)

$500,000; Debit to Land of $150,000

c)

$300,000; Credit to Land of $200,000

d)

$500,000; Debit to Land of $200,000