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On January 1, 2020, Panther, Inc., issued securities with a total fair value of $461,600 for 80 percent of Stark Corporations outstanding ownership shares. No
On January 1, 2020, Panther, Inc., issued securities with a total fair value of $461,600 for 80 percent of Stark Corporations outstanding ownership shares. No excess fair-value amortization resulted from the acquisition. During 2021, Panther sold Stark a parcel of land for $88,000 and recorded a gain of $16,000 on the sale. On December 31, 2021, Panther had land with book value of $438,000 and Stark had land with book value of $120,000. What is the total for consolidated land on December 31, 2021 consolidated balance sheet?
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