Mittelstaedt Inc., buys 60 percent of the outstanding stock of Sherry, Inc. Sherry owns a piece of land that cost $215,000 but had a fair value of $517,000 at the acquisition date. What value should be attributed to this land in a consolidated balance sheet at the date of takeover? Multiple Choice $302,000. $129,000. $517,000. $388,000.

On January 1, 2017, Chamberlain Corporation pays $510,400 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $24,800 results from the acquisition. On December 31, 2018, Neville reports revenues of $481,000 and expenses of $347,000 and Chamberlain reports revenues of $799,000 and expenses of $494,000. The parent figures contain no income from the subsidiary. What is consolidated net income attributable to Chamberlain Corporation?