Mittelstaedt, Incorporated, buys $60$ percent of the outstanding stock of Sherry, Incorporated. Sherry owns a piece of land that cost $$295,000$ but had a fair value of $$660,000$ at the acquisition date. What value should be attributed to this land in a consolidated balance sheet at the date of takeover? Mittelstaedt, Incorporated, buys $60$ percent of the outstanding stock of Sherry, Incorporated. Sherry owns a piece of land that cost $$295,000$ but had a fair value of $$660,000$ at the acquisition date. What value should be attributed to this land in a consolidated balance sheet at the date of takeover?