[Q1-3] When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of $70,000 and a fair value of $100,000.

1. What amount should have been reported for the land in a consolidated balance sheet at the acquisition date? A) $ 52,500. B) $ 70,000. C) $ 75,000. D) $ 92,500. E) $100,000. 2. What is the total amount of excess land allocation at the acquisition date? A) $ 0. B) $30,000. C) $22,500. D) $25,000. E) $17,500.

3. What is the amount of excess land allocation attributed to the noncontrolling interest at the acquisition date? A) $ 0. B) $30,000. C) $22,500. D) $ 7,500. E) $17,500.