On1/1/ 2019,X Co acquired 100% of the common stock of Y Co. At that time, X held lands with a book value of $50,000 and a fair value of $ 130,000; Y held lands with a book value of $25,000 and fair value of $300,000.at what amount would lands be reported in X Co balance sheet prepared immediately after the merger ?

Select one: a. 430,000 b. 275,000 c. 295,000 d. 350,000

A consolidated income statement must clearly separate income attributable to the controlling and noncontrolling interests

Select one:

True

False

A parent's retained earning ledger accounts not eliminated in the preparation of a consolidated balance sheet for the parent company and the subsidiary Select one: True False