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princeton company acquired 75 percent of the common stock of sheffield corporation on december 31, 2009. on the date of acquisition, princeton held land with

princeton company acquired 75 percent of the common stock of sheffield corporation on december 31, 2009. on the date of acquisition, princeton held land with book value 150,000 and a fair value of 300,000; sheffield held land with a book value 100,000 and fair value 500,000. using the entity theory, at what amount would land be reported in a consolidated balance sheet prepared immediately after the combination

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